Endodentics specialist Lumendo scores oversubscribed investment roundTuesday 7 June 2022
A disruptor in the field of endodentics, Lumendo has announced the oversubscription of their financing round, bringing the total amount raised to CHF 3.5 million.
Founded in 2018 as a spin-off of the two Swiss Federal Institutes of Technology, the EPFL and the ETHZ, Lumendo develops a portfolio of innovative, light-active fillers and micro-surgical instruments. These can be used to treat and fill cavities inside the body, for example in dental or neurovascular applications.
Focusing on product excellence and a strong innovation stream, the goal of Lumendo is to develop easy-to-apply, reliable, and novel products to treat unsolved medical challenges.
The oversubscribed financing round was led by Dominik Lysek, PhD, partner at US-based Revere Partners. Co-investors were Zürich Cantonal Bank (ZKB), N&V Capital, and Business Angels Switzerland.
“This oversubscription is a major success for Lumendo, and I am very grateful for the trust received by the investor community. In addition to allowing us to translate our prototypes into a clinical workflow, the additional financing enables us to get our endodontic product line substantially closer to market approval than initially planned with this seed financing round,” commented Andreas Schmocker, CEO of Lumendo.
Disrupting the field of endodontics
Root canal treatments are one of the most difficult treatments for dentists, traditionally with very low success rates between 46-91%. With more than 60 million annual treatments worldwide, these failures lead to a substantial increase in healthcare costs. One major cause of the treatment failure can be traced back to the use of endodontic files that may result in root or instrument fractures.
“We are delighted to join Lumendo’s investor team. I strongly believe in the disruptive potential of Lumendo‘s approach to root canal treatment. As an investor and patient, I believe it is of upmost importance to re-think traditional treatment options. Lumendo’s products do not only have the potential to speed up procedures, but also offer minimally invasive and more cost-efficient root canal treatments”, said Reto Näscher from N&V Capital.
Headquartered in Renens (canton of Vaud), Lumendo plans to launch its first products in 2024.