OrthoFX, a San Francisco-based orthodontic startup, announced that it has raised $13 million funding led by SignalFire, in association with Unusual Ventures by Jyoti Bansal (founder of AppDynamics), ShangBay Capital, and Kairos Ventures, according to YourStory report.
Founded in 2017 by Ren Menon, Nichole Garcia, and Henry Chan, OrthoFX specialises in premium tech-enabled teeth aligners, a less known, but a smart alternative for braces to correct malocclusion (crooked teeth). The startup also unveiled a suite of clear aligner technologies, coupled with a doctor-friendly financial model.
The startup plans to utilise the current funding for R&D and building a suite of hybrid digital and physical orthodontic services. According to a statement, a significant portion of the funding will be deployed in Kerala to set up a development centre in Kochi Infopark.
OrthoFX believes Kerala has the potential to emerge as a major global medical devices hub and is preparing itself to benefit from that.
Commenting on the development, Ren Menon, Co-founder and CEO of OrthoFX said, “We are building OrthoFX to be the leading innovator and the preferred global brand in digital orthodontics. We are at the forefront of transforming the standard of care in a direction that is aligned with the emerging changes in consumer preferences. The rich talent pool that is available in Kerala to an employer like OrthoFX makes it a very attractive destination for our expansion plans. The same should be true for other medical device businesses as well.”
“OrthoFX is building a top of the line product engineering team at Infopark, Kochi, and we have started off with a great team. The focus is on full-stack product development, global approach to healthcare product management and advanced intelligence functions. Acquiring top fresh talent from engineering institutions in the state and lateral hires with a product mindset is a part of the scaling strategy. We expect to be a 100+ member team by 2021, and we believe that the local talent pool has the right attributes to fulfil this need”, said Abhilash Jayapal, Head – OrthoFX India.
According to the Company’s LinkedIn page, OrthoFX claims that it has the best materials technology in the industry, due in large part to Loc Phan, the key scientist behind developing the first ever clear aligner. The company said that it is committed to continued polymer technology innovation by hiring a team of industry experts like Loc to understand the customers’ needs and pain points.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.