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IDG, Accel back GlamSmile Asia with $7m

  • Susannah Birkwood
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IDG Capital Partners and Accel Partners have jointly invested $7 million for a 31.4% stake in GlamSmile Asia via a capital increase and the provision of replacement capital.

The investors, which injected the capital via their IDG-Accel China Growth Fund III vehicle, acquired 20% of GlamSmile through direct investment, and a further 11.4% by buying a portion of shares owned by dental research firm Remedent. Remedent's stake has been reduced to 29.4% following the transaction.

Gallant Network, an offshore entity controlled by GlamSmile CEO David Lok, owns the remaining 39.2% of the share capital.

"An investment from a trusted and experienced investor like IDG significantly enhances our profile and resources in China and validates the significant value in both GlamSmile Asia and Remedent branded technologies," said Remedent Chairman and CEO Guy De Vreese.

GlamSmile Asia claims to have produced the world's first full-arch minimally invasive veneer delivery and placement system for teeth. It plans to use the capital infusion to open new GlamSmile dental clinics in China.

As a result of the deal, Hugo Shong, founding partner of IDG Capital Partners, will represent the firm on GlamSmile's board. He holds a seat alongside Remendent's De Vreese and David Lok.

IDG-Accel III closed at $550 million in 2011. Its investment focus is young start-ups.

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