Trinity Capital Inc. Provides $40 Million Growth Capital to Convergent Dental, Inc.

Rhea-AI Summary

Trinity Capital (NASDAQ: TRIN, TRINL) announced a $40 million financing facility to support Convergent Dental, the creator of the Solea^® dental laser. Of this amount, $20 million has already been drawn, with an option for Convergent to access an additional $20 million, contingent on agreement terms. The Solea^® laser technology is unique as it allows for anesthesia-free dental procedures, enhancing patient comfort and operational efficiency for dental practices. This funding aims to help Convergent accelerate its growth and expand the market adoption of its innovative product. Trinity Capital, known for its specialized financial solutions to growth-stage companies, reinforces its commitment to driving advancements in the life sciences sector.

Positive

• Trinity Capital provides $40 million financing to Convergent Dental to support growth.
• The $20 million drawn will aid in expanding the innovative Solea dental laser's market presence.
• Solea technology enables anesthesia-free dental procedures, improving patient experience.
• Funding aligns with Trinity Capital's strategy of supporting growth-stage companies in life sciences.

Negative

• None.

PHOENIX, April 24, 2023 /PRNewswire/ -- Trinity Capital Inc. (NASDAQ: TRIN, TRINL), a leading provider of diversified financial solutions to growth-stage companies, today announced a $40 million facility to support the growth of Convergent Dental, Inc., the power behind Solea^®, the world's first computer-aided all-tissue CO₂ dental laser. $20 million was drawn under the facility, and Convergent Dental has the option to draw an additional $20 million, subject to the conditions under the agreement.

Convergent Dental's flagship product, Solea^®, is a breakthrough technology that enables virtually every cavity prep to be performed anesthesia-free, delivering a dental experience that patients prefer. Solea also enables soft tissue procedures that are blood-free and suture-free with minimal post-op discomfort and remarkably rapid healing. The team at Convergent Dental expects to use investment proceeds for growth expansion.

"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."

"We are thrilled to secure this financing with Trinity Capital, which allows us to accelerate our vision of driving the broad-based adoption of Solea. Our novel laser platform enables dentists to elevate and expand their practices by delivering better clinical and business outcomes," said Robert L. Gershon, CEO of Convergent Dental. 

About Trinity Capital Inc.
Trinity (Nasdaq: TRIN and TRINL), an internally managed business development company, is a leading provider of diversified financial solutions to growth-stage companies with institutional equity investors. Trinity Capital's investment objective is to generate current income and, to a lesser extent, capital appreciation through investments, including term loans, equipment financings and equity-related investments. Trinity Capital believes it is one of only a select group of specialty lenders that has the depth of knowledge, experience and track record in lending to growth-stage companies. For more information, please visit the Company's website at www.trinitycap.com.

About Convergent Dental, Inc.
Convergent Dental, Inc. is a privately owned dental equipment and technology company. The Company's flagship product, Solea®, is the only CO₂ laser to be cleared by the FDA for all-tissue indications and delivers an anesthesia-free, blood-free, suture-free experience that you can count on. Solea is a true breakthrough in dental laser technology that offers a completely different experience for both dentists and patients when compared to traditional instruments or any earlier laser treatment. Solea enables increased new patient flow, better clinical outcomes, significant efficiency gains, and new procedures.

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SOURCE Trinity Capital Inc.

FAQ

What is the recent financing announcement by Trinity Capital?

Trinity Capital announced a $40 million financing facility for Convergent Dental to support the growth of its Solea dental laser technology.

How much funds were initially drawn from the financing facility by Convergent Dental?

Convergent Dental initially drew $20 million from the $40 million financing facility.

What is Solea and why is it significant?

Solea is a CO₂ dental laser that provides anesthesia-free, blood-free, and suture-free dental procedures, enhancing patient comfort.

What is Trinity Capital's focus as a financial provider?

Trinity Capital focuses on providing diversified financial solutions to growth-stage companies, particularly in the life sciences sector.

Is additional funding available for Convergent Dental under the financing agreement?

Yes, Convergent Dental has the option to draw an additional $20 million under the facility, subject to agreement conditions.