Align Technology Completes $26 Million Financing
QuestMark Partners led the latest round of financing for Align Technology, Ic. Existing investors Kleiner Perkins Caufield & Byers, Domain Associates and Gund Investment Corp. and new investors Vector Fund Management and Bayview Investors LLP also participated in the financing. In addition, Comdisco Ventures provided $5 million in subordinated debt capital as part of the round.
Align Technology’s breakthrough Invisalign SystemTM is a state of the art computer-aided orthodontic treatment that combines orthodontic expertise and cutting-edge computer technology. The Invisalign System consists of a series of custom-made devices called “aligners” that are worn sequentially by a patient over the course of treatment. The clear, plastic alignersare removable and nearly invisible to the naked eye – a preferred alternative for adults who want straighter teeth.
“Approximately 90 percent of all adults, or 173 million Americans could benefit from orthodontic treatment, yet most do not seek treatment because they do not want to wear braces,” explains Zia Chishti, chairman and CEO orf Align Technology. “We believe that as the adult treatment of choice, the Invisalign System will possibly create one of the largest prescription medical device markets in history.”
This new financing is the latest showing of investor enthusiasm for the breakthrough technology of the Invisalign System. “We are encouraged by the significant investment QuestMark Partners has made in Align Technology, as well as the very strong support of our existing investor base,” said Kelsey Wirth, president of Align Technology. “Kleiner Perkins Caufield & Byers, Domain Associates and Gund Investment Corp. continue to be vital partners, and we appreciate their level of confidence and commitment.”
With the recent infusion of capital, Align Technology’s management team said the company will expand manufacturing capacity, supplement ongoing research and development and broaden training and marketing efforts.
“This financing gives us an opportunity to speed up and expand our national outreach to orthodontic professionals and millions of potential adult patients,” said Wirth.
Align Technology, a privately held company, was founded in April 1997 and currently has 282 employees.
Contact: Kristen Wolf or Jordan Benjamin
Fenton Communications, 202-822-5200