RAY Company, a former subsidiary of Samsung Electronics which has become an independent manufacturer of dental imaging technologies, closed a round of funding.
BRV Lotus, the Asia fund of BlueRun Ventures, made the investment whose amount was not disclosed.
The company intends to use the funds to continue to develop its dental imaging technologies and grow, particularly in the U.S. market, which comprises 70% of all dental imaging sales.
Founded by current CEO, Dr. Sangchul Lee, RAY specializes in researching, developing and producing high-quality digital imaging systems for the medical and dental industries.
In the last year, the company has partnered with LED Dental (a subsidiary of LED Medical Diagnostics TSX-V: LMD) to penetrate the U.S. dental imaging space with the RAYSCAN Alpha Extraoral Imaging System. RAY plans to create a US-based operation, with offices in Atlanta, Los Angeles and New York to support its customer base.
In obtaining independence from Samsung Electronics, the company will retain the intellectual property, research and development, upcoming product pipeline and employees.