Convergent Dental, Inc. (the “Company”), the power behind the Solea® All-Tissue Dental Laser, today announced that the Company entered into a new credit facility of $40 million with Trinity Capital Inc. (NASDAQ: TRIN), a leading provider of diversified financial solutions to growth-stage companies. 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.
About Convergent Dental 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 dentists can rely 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.
About Trinity Capital Inc. Trinity Capital Inc. (Nasdaq: TRIN, 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 and 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.