SensAble Technologies Secures $8M Funding to Expand its Digital Dental Restoration Business

WOBURN, Mass.--(BUSINESS WIRE)--SensAble Technologies, Inc®, a leading provider of 3D modeling software, haptic devices and dental restoration design and fabrication solutions, announced that it has received an $8 million investment to propel sales, marketing and engineering efforts for its digital dentistry product line. Existing investor HLM Venture Partners led the round and was joined by North Bridge Venture Partners, both of whom are headquartered in the Boston area, and have extensive expertise with medical device company funding.

“As dentistry goes digital, the dental lab business is in the early stage of a massive transformation – with less than 20% of all dental labs currently leveraging digital technology – while demand is on the rise as aging baby boomers need more and better dental restorations”

SensAble will use the new capital to better compete in the $3 billion worldwide market for dental restoration equipment and supplies. In 2008 SensAble introduced the SensAble Dental Lab System, an award-winning solution that helps dental labs of all sizes migrate to the use of digital tools in scanning, designing, and fabricating dental prosthetics and oral devices. Since then, SensAble more than doubled its dental business revenues and won key strategic customers worldwide. The additional funding will allow SensAble to build upon its initial success in a sizable and growing market.

“As dentistry goes digital, the dental lab business is in the early stage of a massive transformation – with less than 20% of all dental labs currently leveraging digital technology – while demand is on the rise as aging baby boomers need more and better dental restorations,” said Curt Rawley, chairman and CEO of SensAble. “It’s an enormous market with multiple opportunities to improve dental lab productivity and quality of output with solutions that integrate a wide range of newly advanced technologies. We’re pleased to have the support of two high-caliber venture capital firms who share our vision and will help us achieve these goals.”

As part of the funding, Carmichael Roberts of North Bridge and Ed Cahill and Enrico Picozza of HLM have been named to SensAble’s board of directors.

“SensAble has taken a very unique approach to the dental restorations market – a huge market that is still dominated largely by artisans designing by hand in wax and porcelain. The company applied extensive expertise in haptics and voxel modeling to create a system that is not only intuitive for technicians to learn, but creates interesting possibilities for future fabrication technologies and advanced materials,” said Carmichael Roberts, a general partner at North Bridge Venture Partners. “We see this market as a huge and untapped opportunity, just waiting for real innovation from a company like SensAble.”

“For several years, we’ve watched SensAble develop and pursue this market and have been very impressed by the management team’s dedication, tenacity, vision and success,” said Ed Cahill, a managing partner of HLM Venture Partners. “We have spoken or met with most of SensAble’s dental laboratory customers, and have found that the company has earned an exceptional reputation for performance, and service and support, as well. We believe the additional resources of this financing will position SensAble to be a leader in the most exciting and fast-growing segment of the dental restorations market.”

The SensAble Dental Lab System is the only solution on the market to support the design and fabrication of both partials and crown and bridge in a single integrated solution. The system also uniquely incorporates a 3D “virtual touch” stylus that allows technicians to work by holding a haptic (touch-enabled) device instead of a computer mouse, and use virtual wax-up tools to literally feel the onscreen model as they apply, smooth and carve digital wax. This touch-enabled approach mimics the traditional method of hand-modeling dental restorations, allowing technicians to keep the artistry and manual dexterity they have spent years perfecting.

About HLM Venture Partners

HLM Venture Partners is a leading venture firm providing capital to emerging companies focused on healthcare service, health care information technology and medical devices. HLM Venture Partners supports entrepreneurs as they turn innovative ideas into market-leading businesses, offering guidance on financial structuring and mergers, resource allocation and deployment, strategic planning, strategic introductions and recruitment. For more information, please visit www.hlmvp.com.

About Northbridge Venture Partners

North Bridge Venture Partners is an active, bi-coastal, early-stage venture capital firm based in Boston, Massachusetts and San Mateo, California. Established in 1994, North Bridge provides seed-to-growth financing and company-building expertise. Together with North Bridge Growth Equity, our mid-market focused growth capital fund, North Bridge manages over $3 billion. For North Bridge Venture Partners, success is derived through a partnership with entrepreneurs that produce industry-leading companies in large emerging markets. Historically, the firm's partners have played a significant role in organizing, starting and building successful companies. Working in concert with entrepreneurs, North Bridge adds value by providing strategic guidance, sharing operating experience, industry specific knowledge, team-building skills and an in-depth understanding of both private and public financings. North Bridge's sector focus includes Software, Communications, Healthcare Technology, Digital Media, and Materials. For more information about North Bridge go to www.northbridge.com.

About SensAble Technologies

Founded in 1993, SensAble Technologies is the leading developer of 3D touch-enabled (force feedback) solutions and technology that allow users to not only see and hear an on-screen computer application, but to actually “feel” it. With 41 patents granted and over 8,000 systems installed worldwide, SensAble Technologies' haptic technology is being used in applications ranging from designing toys and footwear, to surgical simulation and stroke rehabilitation, to dental restorations, as well as a range of research and robotic applications. The company markets its own 3D modeling solutions as well as its haptic devices and developer toolkits to medical, dental, design, and manufacturing companies; educational and research institutions; and OEMs. SensAble products are available through direct and reseller channels worldwide. www.sensabledental.com.