Orthly Announces Sale of Minority Stake, Founder Patrick Lee Exits
Orthly has approved the sale of a substantial minority share to a US-based investor. Founder Patrick Lee will exit as part of the transaction.
PHILADELPHIA, Aug. 20, 2018 /PRNewswire-PRWeb/ -- Orthly, a healthcare technology company broadening access to high-quality orthodontic treatment, has approved the sale of a substantial minority share of the Company to a US-based investor. Founder and Chairman Patrick Lee, who served as CEO from the company's founding in March 2016 to February 2018, will exit as part of the transaction. Financial terms were not disclosed.
In 2012, the American Association of Orthodontists released a study showing that one-third of American adults were unhappy with their smile. For decades, high costs and inconvenient appointments have forced many to neglect orthodontic care altogether. In February 2017, Orthly built and launched the world's first mobile application offering affordable and convenient doctor-led invisible aligner treatment and set a precedent for several companies, including Uniform Teeth and Candid Co., to follow.
Orthly's process begins when customers schedule a Snapshot to receive 3D X-rays and imaging at one of the Company's nearby Partner dental practices. The Company's network of orthodontists then designs, reviews, and implements a treatment plan, with the support of Orthly's exceptional customer service. Aligners are 3D printed and shipped directly to the patient's home. Patients can use the mobile app to send progress photos for orthodontist reviewal and message the Company's patient service team 24/7. Additional in-person appointments are minimized and scheduled only if necessary. Treatment ranges from 3 months to 24 months, depending on the patient's unique needs, and financing plans start as low as $97 per month over 24 months, or $1900 up-front. Some dental insurance plans cover 50% or more of the treatment cost.
"I am proud to have played an important role in defining the early years of a direct-to-consumer orthodontic revolution in America," said Founder Patrick Lee. "We are excited for the day that nearly all Americans will be able to obtain magical smiles, affordably and conveniently."
Founder Patrick Lee, now twenty-years-old, started Orthly in his parent's garage at eighteen-years-old. After taking a leave of absence from Duke University while on an academic scholarship, he successfully raised funds from investors, launched Orthly in select areas in Pennsylvania, and grew the team to numerous employees with experience in tech and finance at companies such as Google, Facebook, Two Sigma, Dell and Yelp. Since then, Orthly has been featured on Forbes, CBS, Business Insider, TechCrunch and BuzzFeed.
ABOUT ORTHLY
Listed as one of Inc.'s five startups changing healthcare in 2018, Orthly is among the recognized leaders reducing the cost of high quality orthodontic treatment in the United States, and uses proprietary technology and modern telehealth practices to diagnose, treat and monitor orthodontic cases. Orthly is based in Philadelphia, PA and was founded in 2016.
For more information, visit http://www.orthly.com.
SOURCE Orthly
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