InBrace Closes New Round of $45M Financing To Accelerate Growth And Market Expansion

Rhea-AI Summary

On August 8, 2022, InBrace, an orthodontic company, announced securing $45 million in financing led by Horizon Technology Finance Corporation (NASDAQ: HRZN). This funding is intended to enhance InBrace's market penetration in the $40 billion orthodontics industry, building on a previous $100 million Series D funding. CEO Clint Carnell emphasized that this financing reflects investor confidence in InBrace's innovative Smartwire® technology, which offers a discreet and efficient teeth-straightening solution. The capital will support the expansion of InBrace's direct-to-consumer marketing initiatives and InStudio experience centers.

Positive

• Secured $45 million financing to accelerate market adoption.
• Building on previous $100 million Series D funding.
• Innovative Smartwire technology differentiates InBrace in the $40 billion orthodontics market.
• Plans to expand direct-to-consumer marketing and InStudio experience centers.

Negative

• None.

IRVINE, Calif., Aug. 8, 2022 /PRNewswire/ -- InBrace, the orthodontic company behind the novel Smartwire® technology, announced that it has closed $45 million in financing led by Horizon Technology Finance Corporation (NASDAQ: HRZN). This new venture loan facility builds off the $100M+ Series D raise in 2021 to continue accelerating InBrace adoption in the $40 billion orthodontics market.

"This round of financing showcases the investor community's continued confidence in InBrace," said Clint Carnell. 

Created by orthodontists, InBrace lets patients live their real lives and share their improving smile without anyone knowing they are in treatment. With no painful monthly tightenings or tray changes - InBrace is orthodontics on autopilot.  The InBrace Smartwire is placed behind the teeth and uses advanced computer modeling, AI and shape memory wire to straighten teeth in a way that's healthy, discreet and lets people live their lives -- eating, drinking, brushing and flossing normally -- all while the teeth are being straightened.

Already in 2022, InBrace has made some landmark announcements including Clint Carnell joining as CEO, the launch of the Generation-2 Smartwire, and the opening of the InStudio training & experience centers. The expansion of offerings along with the new funds will ensure that InBrace continues to generate and serve the significant demand.

"This round of financing showcases the investor community's continued confidence in InBrace," said Clint Carnell, CEO of InBrace. "We believe you shouldn't have to look worse before looking better, and that is a message which investors understand. Proceeds from this raise will increase our ability to penetrate the market and drive the expansion of our InStudio experience centers to help speed up InBrace adoption with more direct to consumer marketing."

"InBrace is disrupting the $40+ billion orthodontic market and in this tumultuous economic environment we are especially impressed with their increased share of market growth," said Gerald A. Michaud, President of Horizon.

InBrace raised over $100MM in its Series D financing from Vivo Capital, funds and accounts managed by BlackRock, Endeavour Vision, Farallon Capital Management, Marshall Wace, MVM Partners, Novo Holdings, RTW Investments, Soleus Capital Management, and venBio.

About InBrace

InBrace was invented & founded by Drs. John Pham and Hongsheng Tong who set out to find a healthier and more efficient teeth straightening system to treat children with severe cleft lip and palate; partnered with USC & Children's Hospital Los Angeles. InBrace filed the first application patent of its extensive patent portfolio in 2012.

InBrace is revolutionizing teeth straightening with a personalized Smartwire® that is designed using each patient's unique Toothprint.  The set it and forget it technology puts the orthodontic experience on autopilot; with treatment that's completely hidden from the world with less work for patients and clinicians.  Designed for you. Made for real life.  InBrace is headquartered in Irvine, CA. 

For more information visit InBrace.com, LinkedIn, Instagram, or Facebook.

About Horizon Technology Finance

Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of HRZN is to maximize its investment portfolio's return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments.

Horizon Technology Finance Management LLC is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located in Portland, Maine, Austin, Texas, and Reston, Virginia.

To learn more, please visit horizontechfinance.com.  

PR Contact: InBrace@EvolveMKD.com 

 

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SOURCE InBrace

FAQ

What is the significance of the $45 million financing for HRZN?

The $45 million financing is significant as it helps InBrace accelerate its growth and market expansion in the orthodontics sector, which is valued at $40 billion.

How does the new financing impact Horizon Technology Finance Corporation?

The financing enhances Horizon Technology Finance's investment portfolio performance by supporting innovative companies like InBrace, which are positioned for growth.

What technology is InBrace known for?

InBrace is known for its Smartwire technology, which provides a discreet and efficient way to straighten teeth.

What was the previous funding round for InBrace before the $45 million financing?

Before the $45 million financing, InBrace raised over $100 million in its Series D funding.

Who is the CEO of InBrace?

Clint Carnell is the CEO of InBrace, having joined the company earlier in 2022.