Medit Company Profile

Background

Company Overview

Founded in 2000 by Professor Minho Chang, Ph.D., in Seoul, South Korea, Medit has emerged as a global leader in 3D intraoral scanning technology and digital dentistry solutions. Initially established as Solutionix, focusing on industrial digital scanners, the company shifted its focus exclusively to dental applications in 2010 with the introduction of its first benchtop laboratory scanner. Over the past two decades, Medit has dedicated itself to serving dental and industrial CAD/CAM customers, expanding its global presence with representatives in the Americas and Europe, and a distributor network spanning over 190 countries.

Mission and Vision

Mission: To lead the digital dentistry revolution by transforming the diagnosis, creation, and delivery of dental care.

Vision: To achieve an end-to-end dental platform powered by an AI-driven, open, and integrated workflow solution.

Key Strategic Focus

Core Objectives and Specialization

Medit's strategic focus centers on providing advanced 3D measurement solutions tailored for dental clinics and laboratories. The company specializes in developing intraoral scanners and CAD/CAM solutions that enhance workflow efficiency and productivity.

Key Technologies Utilized

Intraoral Scanners: Medit offers a comprehensive range of intraoral scanners designed to meet various practice needs and budgets. The i-series includes models such as the entry-level i500, the balanced i600, the high-performance i700 (also available in a wireless version), and the flagship i900 model. Notably, these scanners are the first and only in the world to be compatible with both Windows and Apple Mac operating systems, providing unprecedented flexibility for dental practices.

Laboratory Scanning Solutions: The T-series laboratory scanners, including the T710, are specifically designed for dental laboratories, offering advanced scanning capabilities that enable seamless integration between clinical and laboratory environments.

Medit Link Platform: This centralized platform streamlines digital workflows from intraoral scanning to patient communication tools. Medit Link serves as an all-in-one dental software solution that manages patient data, facilitates clinic-lab collaboration, and integrates with numerous third-party applications through its App Box ecosystem.

AI-Powered Dental Applications: Through Medit Apps, the company provides specialized tools for treatment planning, patient consultation, restoration design, and diagnostic capabilities. Recent partnerships with companies like Pearl and DeepCare have enhanced the platform with AI-powered diagnostic solutions for identifying oral conditions and pathologies.

Primary Markets Targeted

Medit's products and services are designed to cater to dental professionals worldwide, including individual practitioners, dental clinics, and large dental service organizations. The company's solutions are tailored to enhance the efficiency and accuracy of dental procedures, thereby improving patient outcomes.

Financials and Funding

Funding History

Medit has undergone several funding rounds to support its growth and innovation initiatives. In December 2019, the company secured a venture round led by Unison Capital. Subsequently, in December 2022, Medit was acquired by MBK Partners for approximately $1.9 billion, providing additional resources for continued innovation and global expansion.

Utilization of Capital

The capital raised has been strategically utilized to enhance research and development efforts, expand global distribution networks, and invest in advanced technologies to maintain a competitive edge in the digital dentistry market.

Pipeline Development

Product Development and Milestones

Medit's product development pipeline focuses on continuous innovation in digital dentistry solutions. The company has successfully launched several products, including the i-series intraoral scanners and the T-series laboratory scanners. Future developments are anticipated to further integrate AI capabilities and expand the functionality of the Medit Link platform to provide more comprehensive solutions for dental professionals.

Technological Platform and Innovation

Proprietary Technologies

Intraoral Scanners: Medit's intraoral scanners are based on patented technology that ensures high precision and reliability. These scanners are designed to be user-friendly and compatible with multiple operating systems, setting them apart in the industry.

Medit Link Platform: This open and integrated workflow solution allows for seamless collaboration between dental clinics and laboratories, enhancing efficiency and accuracy in dental procedures.

Significant Scientific Methods

Medit employs advanced 3D scanning technologies and AI-driven algorithms to enhance the accuracy and efficiency of dental diagnostics and treatment planning. The integration of AI capabilities into their platforms allows for real-time analysis and improved decision-making processes for dental professionals.

Leadership Team

Key Executive Profiles

Minho Chang, Ph.D.: Founder of Medit, Professor Chang established the company in 2000 with a vision to revolutionize digital dentistry through innovative 3D scanning technologies.

Han Ryu: Serving as the Chief Executive Officer, Han Ryu leads the company's strategic initiatives and oversees global operations to drive growth and innovation.

Gyu Ko: As Co-Chief Executive Officer, Gyu Ko collaborates on executive decisions and contributes to the company's strategic direction.

Michael Lee: Holding the position of Chief Technology Officer and Research and Development Group Leader, Michael Lee spearheads the company's technological advancements and product development efforts.

Inhaeng Cho, Ph.D.: Serving as Chief Information Officer, Chief Privacy Officer, and Head of the Technical Operation Division, Dr. Cho oversees information technology strategies and ensures data privacy compliance.

Jinho Chang, Ph.D.: Co-Founder of Medit, Dr. Chang has played a pivotal role in the company's establishment and growth, contributing to its innovative product development.

Leadership Changes

In December 2022, Medit underwent a significant change in ownership when it was acquired by MBK Partners for approximately $1.9 billion. This acquisition provided additional resources for the company's continued innovation and global expansion.

Competitor Profile

Market Insights and Dynamics

The digital dentistry market is experiencing rapid growth, driven by advancements in technology and increasing adoption of digital solutions in dental practices. Medit has achieved remarkable global reach, serving over 100,000 customers worldwide through more than 230 dealerships in approximately 100 countries. The company secured a 22% market share in 2020, which increased to 24% by 2022, positioning it as the world’s third-largest 3D dental scanner manufacturer.

Competitor Analysis

Medit faces competition from several key players in the digital dentistry market:

Align Technology: Founded in 1997 and headquartered in Tempe, Arizona, Align Technology is known for its Invisalign system and iTero intraoral scanners. The company reported revenues of $3.9 billion and employs approximately 23,200 individuals.

3Shape: Established in 2000 in Copenhagen, Denmark, 3Shape specializes in 3D scanning and CAD/CAM software solutions for dental practices and laboratories. The company has a workforce ranging between 1,000 to 5,000 employees and reported revenues between $100 million to $500 million.

Envista Holdings Corporation: Founded in 2018 and based in Brea, California, Envista offers a broad portfolio of dental products, including imaging systems and CAD/CAM solutions. The company employs approximately 12,700 individuals and reported revenues of $2.5 billion.

These competitors offer similar products and services, contributing to a dynamic and competitive market landscape.

Strategic Collaborations and Partnerships

Medit has formed numerous strategic alliances to enhance its service offerings:

AI Integration Partners: Partnerships with companies like Pearl for AI-powered diagnostic capabilities and DeepCare for multi-modal image interpretation have enhanced the Medit Link platform with advanced diagnostic solutions.

Workflow Enhancement Partners: Collaborations with companies such as vhf dentalcam for milling technology, Aidite Dental for 3D printing optimization, and Scan Ladder with Apollo Components for All-on-X workflow solutions have strengthened Medit's product offerings.

Software Integrations: Direct integrations with practice management systems like Dentinnov and numerous CAD/CAM software solutions have created seamless digital workflows for dental professionals.

Operational Insights

Medit's commitment to innovation, customer-centric approach, and affordability distinguishes it in the dental technology industry. The company operates one of the largest research and development teams globally, focusing heavily on digital technology advancement. Support centers established in Korea, the USA, the UK, Greece, and China provide 24/7 assistance to sales partners and end users worldwide.

Strategic Opportunities and Future Directions

Medit's strategic roadmap includes continued investment in research and development to introduce innovative products and solutions that meet the evolving needs of dental professionals. The company aims to expand its global footprint by entering new markets and strengthening its presence in existing ones. By leveraging its current strengths and focusing on technological advancements, Medit is well-positioned to achieve its future objectives and maintain a competitive edge in the digital dentistry market.