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OrthoFX takes in $13m

OrthoFX, an orthodontic and teeth straightening service, has raised $13 million in funding.

OrthoFX, an orthodontic and teeth straightening service, has raised $13 million in funding. SignalFire led the round with participation from Unusual Ventures, ShangBay Capital and Kairos.

PRESS RELEASE

SAN FRANCISCO (July 22, 2020) — OrthoFX, the leading consumer-driven, dentist-delivered orthodontic and teeth straightening service, today announces it has raised $13M in funding and unveiled a suite of new clear aligner technologies coupled with a doctor-friendly financial model.

The COVID-19 pandemic has fundamentally changed the way medical practices service patients and the American Dental Association reports that dental offices will experience an estimated $100B in lost revenue this year because of it.

“DIY projects are great for your home, not for your mouth,” said Dr. Jonathan Levine, a leading dentist in New York City and OrthoFX provider. “Without a doctor’s oversight, serious and permanent issues like periodontal disease, tooth decay, jaw pain, and misaligned bites can go undiagnosed. OrthoFX has figured out the perfect blend of at-home treatments and intelligently scheduled doctor office visits — which has allowed me to continue providing effective care, even when my offices were closed for such a long period of time.”

Introducing FXOnTrack™
FXOnTrack™ is a hybrid physical and digital platform that enables virtual consultations, remote treatment monitoring, concierge support from the OrthoFX clinical team, and sensor-based wear-time tracking that reduces the need for in-office visits by up to 60% while delivering high-quality results.
With an emphasis on ensuring doctors are involved in every step of the process, the platform features:
Sensor-Based Wear Tracking: Smart, bluetooth-connected aligner case with sensors built in that allows patients and doctors to track wear time and treatment plan efficacy
Virtual Smile Tracking: Patients submit photos of their treatment progress, photos are reviewed by proprietary algorithms and OrthoFX Clinical Concierge before being sent to the doctor for final review
3D Outcome Simulation: Using patient-submitted images, OrthoFX’s proprietary Outcome Simulator shows patients what their teeth will look like as they move through the treatment
Custom, Weekly Aligners: Leveraging a proprietary polymer blend, OrthoFX’s aligners sit comfortably on the teeth, rather than gums, to avoid irritation and allow for 40% less pressure. By changing aligners weekly instead of bi-weekly, patients finish within an average of 6 months, far lesser than the industry average 12-14 months
At-Home Impression Kits and Subscription Products: Doctor-prescribed at-home impression kits give way to weekly custom aligners that are 3D printed specifically for each patient’s mouth followed by retainers, whitening trays and mouth guards for continued comfort and patient care.
Treatment Plan Milestones: Dynamic tracking of estimated treatment completion date and intelligently planned doctor-patient check-in dates both for in-office or virtual
OrthoFX’s clear aligner technology is formulated with FXTetra™, a proprietary multi-segment formulation including an anisotropic elastomeric segment that provides a unique blend of ideal forces for tooth movement along with superior patient comfort and stain resistance. This technology coupled with its doctor-in-the-loop approach enables patients to complete treatments 50% faster than legacy solutions and 80% of patients finish on schedule, compared to the 41% industry average.

Introducing First-of-Its-Kind Rescue Aligners
In the event a patient forgets to wear their aligners daily, the company is unveiling an industry-first Rescue Aligner™ that allows a patient to get back on track without the need to restart the entire treatment process, something legacy solutions require.
From the time FXOnTrack™ reports that a patient is off-track, a Rescue Aligner™ is shipped to their homes in less than four working days. In most cases, the treatment is back on track within 2-3 weeks of wearing the Rescue Aligner. The Rescue Aligners feature a proprietary polymer that mimics the force action and profile of NiTi wire and can correct up to a month of deviation from original plan. What’s more, this entire process is detected and corrected remotely from the patient’s homes minimizing the need for multiple in-person visits.

Prepaid Financial Model for Dentist Offices
Just as unique as the technology, OrthoFX’s financial model eliminates the lab bill associated with traditional clear aligner companies and pays the clinician within 5 days of starting a treatment. In addition to expediting doctor payments, the company offers practices with billing services, financing and insurance processing.
“We started OrthoFX with the premise that a high-quality patient experience must involve care delivered by an orthodontic professional,” said Ren Menon, OrthoFX CEO. ‘Unlike “Do It Yourself’ clear aligner industry newcomers that minimize clinician-patient interaction, we partner orthodontic professionals with every patient receiving professional consultation and follow up treatment.”

New Funding to Accelerate R&D
Led by SignalFire, with participation from Unusual Ventures, ShangBay Capital and Kairos, the funding will be used to invest in research and development and build out OrthoFX’s suite of hybrid digital and physical orthodontic services.

About OrthoFX
OrthoFX was co-founded in 2017 by Ren Menon, former Head of Global Product Management & Innovation at Invisalign, Nichole Garcia, former General Manager at Align Technology and Philips Oral Care and Henry Chan, former Director of Research and Development at Invisalign.

The OrthoFX treatment program starts at $2,950, all-in and most insurance is accepted making the treatment cost as low as $950.

If you are a doctor interested in offering OrthoFX to your patients, visit: https://www.orthofx.com/doctors