Horizon Technology Finance closed a $45 million venture loan facility to Swift Health Systems, Inc. (dba InBrace) ("InBrace"), of which Horizon funded $7 million of the initial $10 million draw, and a private investment vehicle managed by Horizon Technology Finance Management LLC, Horizon's advisor, funded $3 million.
InBrace is the orthodontic company behind the Smartwire®, transforming the teeth straightening process and markedly improving the patient experience. The InBrace Smartwire is fit behind teeth by an orthodontist, making treatment completely hidden so that patients can share their improving smile as teeth are straightening in real time. The InBrace Smartwire is created from shape memory alloy that continually moves teeth into place using Gentleforce® technology. InBrace works like autopilot and doesn't require the painful monthly tightenings of braces or the tray changes and lifestyle inconvenience of plastic aligners. InBrace is backed by a consortium of well-known investors including: Vivo Capital, Endeavour Vision Ltd, Farallon Capital Management, Marshall Wace, MVM, Novo Holdings, RTW Investments, L.P., Soleus Capital, and venBio Partners LLC. The company will use the loan proceeds for general growth and working capital purposes.
"InBrace is disrupting the $40+ billion orthodontic market, offering completely hidden teeth straightening treatment that significantly reduces treatment time while allowing patients to eat, drink, brush and floss like they can when not in treatment," said Gerald A. Michaud, President of Horizon. "We are excited to work with InBrace as the company expands its offerings and uses its technology to grow and revolutionize the orthodontics industry."
"We welcome Horizon's support as we continue to change the way people think about teeth straightening," said Clint Carnell, Chief Executive Officer of InBrace. "InBrace patients get expert orthodontic care with just a few check-in appointments and without the lifestyle compromises of dated offerings. Best of all, with InBrace, patients don't have to look worse before they look better. The process is simple, InBrace takes the Toothprint™ of a patient who then co-designs their ideal smile with an InBrace provider. Then InBrace programs the Smartwire that's fitted behind teeth. It's a win-win for both providers and patients and we are excited to expand throughout North America."