Magdent raises $1.75 million
Magdent announced it completed an investment of $1.75 million from three angel investors, including Ran Tuttnauer, an Israeli industrialist and former owner and CEO of the medical device company Tuttnauer, which was acquired in mid-2017 by Fortissimo Capital for $100 million.
Magdent has developed a technology that utilizes electromagnetic fields to stimulate, accelerate, and improve bone formation and quality, and to prevent bone infections, leading to faster, more successful dental implant procedures. Currently, Magdent markets its healing cap product in 22 countries worldwide.
The dental implants and prosthetics market is expected to have a CAGR of 7.2% between 2016 and 2021 to reach $12.32 billion by 2021. Market growth estimates are attributed to an increasing aging population, growing demand for cosmetic dentistry, and the increase of periodontal diseases.
Magdent’s Co-Founder and CEO, Dr. Shlomo Barak, an oral and maxillofacial surgeon, remarked, “Magdent is thrilled to close this investment which will allow us to ramp up our sales and marketing efforts. We plan to deepen our market reach in the countries to which we sell, as well as break into new markets. The funds will also be used to develop similar technologies for the orthopedic device market.”
“Magdent has developed a truly innovative solution for a widespread problem in the dental care market. Their product could make dental implants accessible to a much larger population, who are currently unable to benefit from the dental implant option for tooth replacement,” added Steve Rhodes, Chairman and CEO, The Trendlines Group.