NEWPORT BEACH, Calif., Aug. 1, 2019 /PRNewswire-PRWeb/ -- Planet DDS, the company behind Denticon, the leading cloud-based dental practice management software solution, recently secured growth capital from Level Equity, a New York based private investment firm specializing in capital-efficient, rapid growth software companies.
Level Equity's investment caps a multi-year period of rapid expansion for Planet DDS' Denticon software business, fueled by continued consolidation in the dental market and increasing demand for enterprise cloud solutions to replace outdated desktop software built by legacy providers.
Inc. Magazine named Planet DDS to its list of fastest-growing private companies in 2019, the second time the company has appeared on the list in recent years. Planet DDS was also named to Inc. Magazine's 2019 list of best workplaces in the U.S.
"The past four years have been very exciting for us at Planet DDS," noted President Blake Rice. "Demand for our software has picked up considerably in response to the dental industry's accelerating consolidation and adoption of cloud-based technology."
Level's investment will help Planet DDS meet the growing demand for its Denticon software. According to Planet DDS CEO Eric Giesecke, "we're at a very unique moment with the dental industry's migration to the cloud, and we felt it was time to raise additional capital to turbocharge our ability to support our own and our customers' growth. We're very excited to partner with Level Equity on this next phase—they bring not only capital, but also deep software expertise from other verticals that will prove invaluable in taking Denticon to the next level."
"We've had the pleasure of building a relationship with the Planet DDS team over a long period of time and are incredibly impressed with the business's history of rapid and profitable growth," said Level Equity co-founder Ben Levin. "Dental practices have been underserved by legacy providers for a long time and we are excited to be backing the market leading, cloud-based PMS and enable them to expand functionality and features. We think they are the category killer here."
D.A. Davidson served as exclusive financial advisor to Planet DDS.
Planet DDS' Denticon cloud-based practice management software is the only proven, time-tested software offering that was built from the ground up for multi-location groups in the cloud. Denticon has the largest footprint among emerging and established dental groups of any cloud software provider, allowing clients to break free from the constraints of desktop software with a comprehensive solution that includes the tools needed to standardize, centralize, and grow. All while reducing IT cost and enhancing security. Learn more about Denticon at http://www.planetdds.com.
Based in New York, NY, Level Equity is a growth equity firm focused on providing capital to rapidly growing software and internet companies. The firm manages over $1.7 billion across a series of long term committed investment partnerships. For more information about Level Equity, visit levelequity.com.
SOURCE Planet DDS
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