This is Ping An Global Voyager Fund’s second investment in 2020
Berlin-based digital dentistry platform PlusDental has raised about $35.5 million (EUR 32 million) from Ping An Global Voyager Fund, the fintech and healthtech investment arm of Chinese conglomerate Ping An Insurance Group, the Group announced in a statement today.
Along with the Hong Kong-based Fund, other participating investors include PlusDental’s previous backers German venture capital (VC) firm HV Holtzbrinck Ventures and European VC Lakestar, the statement noted.
It also said that PlusDental will direct the fresh capital towards further developing its proprietary digital dentistry platform and continue the expansion of its German and European business.
Chief Medical Officer of the Fund Dr. Marco Huesch said in the statement, “We are very pleased to lead PlusDental’s Series C financing round. We are highly impressed by the way PlusDental combines its medical excellence with a high degree of digitalization, thus making a valuable contribution to innovation and access to modern dentistry.”
Through it’s a digital dentistry platform, PlusDental provides an end-to-end digitalized aesthetic orthodontic corrections process, including appointment, 3D treatment plan, follow-up checks and billing.
So far, the platform has onboarded 70 dentists in Germany, Austria, Switzerland, Great Britain and Spain. The company converted its 3D printer fleet to produce medical protective equipment since the COVID-19 outbreak, which it distributes for free to medical institutions, the statement said.
Co-founder and Managing Director of PlusDental Dr. Peter Baumgart said in the statement, “The current pandemic underlines the importance of digitalization, especially in the field of dentistry. Patients appreciate the transparency and efficiency we are offering through continuous digitalization and technology development.”
“This is particularly valuable in transparency of treatment results and price, combined with the uncompromised quality of our independent dentist network. In this way, we are also opening up new groups of patients for our partner dentists,” he continued.
The Ping An Global Voyager Fund was set up in 2017, typically investing between $15 million and $50 million in growth stage fintech and healthtech businesses. Since its launch, it has invested about $300 million in companies across Europe, Asia and North America, the statement noted.
This is the second investment by the investment fund so far this year. In March, it led iCapital Network’s $146 million venture round which saw participation from 12 other investors, including major United States investment banks such as Goldman Sachs and JP Morgan Chase.
In 2019, the Fund led a series of investments across industries, including medical imaging startup Riverain’s $15 million venture round, open source machine learning platform H2O.ai’s $72.5 million Series D, and online car trading platform CarDekho’s $70 million Series D.
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