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Convergent Dental Secures $50MM of Growth Capital

April 25, 2023, 08:00 AM
Filed Under: Healthcare
Related: Trinity Capital

Convergent Dental entered into a new credit facility of $40 million with Trinity Capital. The Company has drawn $20 million at closing, and has the option to draw an additional $20 million, subject to the conditions under the agreement.

The Company also announced $10 million of equity financing led by existing investors Arboretum Ventures and Gund Investment, LLC, including $5 million of new equity and $5 million of existing investor notes converted to equity at the close. “This latest infusion of capital will accelerate our vision of driving the broad-based adoption of Solea® and is expected to fully finance the company to profitable growth and beyond," said Robert L. Gershon, CEO of Convergent Dental.

Solea® is an all-tissue CO2 dental laser solution that uniquely enables dentists to perform virtually anesthesia-free, blood-free, and pain-free procedures. Convergent Dental unites this novel technology with success support, giving dentists the ability to elevate and expand their practices through improved efficiency, patient experience, and clinical effectiveness.

“We are proud to partner with the Convergent Dental team,” said Lauren Cosentino, Managing Director, Life Sciences of Trinity. “Solea brings exciting innovation to dentistry, allowing doctors to provide pain-free, patient centric care and we look forward to supporting their continued growth.”

Piper Sandler served as financial advisor to Convergent Dental on the transaction.

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