Innovide Secures 12 Billion Won Series B Funding for Dental Tech Expansion

Innovide, the company behind the dental lab service 'Dentlink,' has successfully raised 12 billion won in a Series B funding round. The investment was led by SBVA (formerly SoftBank Ventures), with participation from IBK Corporate Bank and existing investors like Wonik Investment Partners. Dentlink specializes in standardizing the production of dental prosthetics through digital dentistry, addressing the issue of remakes by connecting Korean dental laboratories with dentists globally.

The Dentlink service leverages Korea's advanced dental lab infrastructure to supply high-quality prosthetics to dental clinics in countries like the United States and Australia. It tackles cross-border challenges such as language barriers, time differences, logistics, and quality control through technological solutions. By digitizing the entire process from data acquisition to communication, production, quality checks, and logistics, Dentlink has reduced the remake rate from over 10% to just 1%. The company currently serves dental clinics in six countries and has seen its customer base and revenue more than double year-over-year, bolstered by a strategic partnership with implant manufacturer Straumann.

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Innovide is a team that is leading a paradigm shift in global dental laboratory services by combining the world-class Korean dental laboratory infrastructure, cultivated through national licensing, with cross-border production processes.

Innovide intends to use the new capital to accelerate its expansion in the US and Australian markets. Domestically, the company plans to establish an automated dental prosthetic manufacturing center, including robot-integrated production lines. Furthermore, Innovide aims to recruit key research and development talent to develop AI-powered dental prosthetic services and products. The company's vision is to revolutionize the global dental prosthetics market by enhancing its technology and manufacturing infrastructure.

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This investment is an important milestone showing that Innovide is solving the fundamental industry problem of dental prosthetic remakes on a global scale.