Exclusive: Lightforce lands $50M for dental devices

Lightforce, a manufacturer of 3D-printed dental devices, raised $50 million of growth capital from Trinity Capital, CEO Alfred Griffin tells Axios exclusively.

Why it matters: The market for 3D-printed aligners, currently valued around $6.7 billion, is projected to rise at a CAGR of 8.4% through 2033.

How it works: LightForce produces 3D-printed braces, using AI to customize treatment based on patient anatomy.

• Patients have seen a decline of 30-40% fewer visits and shorter treatment time.

Catch up quick: The company had raised a total of $150 million prior to this debt round, including $80 million in August 2023.

• The company has 200 new customers as of the first half of the year.

Zoom in: Trinity is a business development company, providing various financial solutions to growth-stage companies with institutional equity investors.

• It seeks to generate current income and capital appreciation through investments, including term loans and equipment financings and equity-related investments.

What's next: This round gives the company at least a year before thinking about raising again.

• "We will invest in our tech (AI capabilities) and improving quality from factory and scalability and services for our existing customers," Griffin says. "Ballpark, we will consider raising again in a year."

Follow the money: The fresh capital will be used for automation and capacity, according to Griffin.

What they're saying: "Traditional braces have always had the same look and not a whole lot of tech advances," says Ryan Kaeding, managing director, life sciences at Trinity.

• "Automation and manufacturing efficiency are going to enable the top line to continue to grow on the significant trajectory, while also improving the speed to that path to profitability."

🦷 1 fun thing: Griffin still sees patients as an orthodontist two times a week.