Align
Invisalign Itero

Press Release

Jun 21, 2000

Align Technology, Inc. Raises $86 Million in 4th Financing Round

Align Technology, Inc. Raises $86 Million in 4th Financing Round SUNNYVALE, CALIFORNIA - Align Technology, Inc., the Silicon Valley company that has developed the nvisalign System, a nearly invisible alternative to orthodontic braces, today announced the initial closing of its Series D Preferred Stock round of financing. The Company received approximately $86 million at the closing from institutional investors. Measured by proceeds, this transaction is among the largest ever financings by a private medical device company.

The new money will allow the company to accelerate its growth. The Invisalign System is already in high demand. Since commercial launch in June 1999, the company has trained almost 3,600 orthodontists to use the Invisalign System representing over 40% of the profession in the U.S. To date, over 3,000 patients have entered treatment, a number that grows every week.

The round was led by three funds: Oak Hill Capital Partners, L.P., a private equity investment group founded by Robert M. Bass, Carlyle Partners III, L.P., and ABS Venture ALN LLC. Many of Align Technology’s existing investors also participated, including Kleiner Perkins Caufield & Byers, Domain Partners and QuestMark.

Align Technology, Inc. has developed the Invisalign System, a patented orthodontic system for straightening teeth using a series of clear plastic, removable devices called “aligners.” These devices are computer-designed to fit each individual patient, are gentle, hygienic and nearly invisible when worn. The system is a highly effective alternative to conventional braces developed for adult patients. With over 100 million U.S. adults suffering from some degree of malocclusion (crooked teeth), the market potential for Align Technology’s product exceeds $1 billion in the U.S. alone.

Zia Chishti, co-founder and CEO of Align Technology, Inc. commented: “We are delighted to have strong financial backing from this latest group of investors. Their resources and strategic guidance will accelerate our growth strategy within the domestic and international orthodontics market. We are happy that we have inspired confidence in the potential and future of our company and the profitability of the orthodontics industry.” With the recent infusion of capital, Align Technology's management team said the company would expand manufacturing capacity, supplement ongoing research and development and launch a national consumer advertising campaign. “This financing gives us an opportunity to aggressively advertise our product, and to continue to build a world class infrastructure to support it,” said Kelsey Wirth, President and co-founder of Align Technology, Inc.

Align Technology, Inc. was founded in 1997 by Zia Chishti and Kelsey Wirth, CEO and President respectively, and has since expanded operations to more than 900 employees.

For further information, contact Joanne Cole at 212-995-1415 or Jessica Whitt at 212-584-5000 or visit the company website at www.invisalign.com.

 

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