Align Technology Company History Timeline
In late August 1997, Kleiner Perkins became a seed investor in Align Technology, creator of the Invisalign system, a transparent orthodontic device to straighten teeth.
Invisalign first received Food and Drug Administration approval in 1998.
Invisalign received Food and Drug Administration approval in 1998 after snagging $140 million in venture capital funding.
In 1998, the prototype product was approved by the FDA. Zia and his colleagues founded ‘Align Technology,’ the company that, to this day, owns and operates the Invisalign line and brand.
Invisalign sales began in the US market in 1999.
A massive $31 million TV campaign was launched in 2000, and the rest is history.
Align Technology went public on January 26, 2001 on the Nasdaq Stock Market.
Despite these setbacks and under the leadership of CEO Tom Prescott (who joined the company in 2003), the business took off.
In 2003, Align Technology developed an extremely aggressive marketing strategy, and the company began losing money.
Align didn’t turn an annual profit until 2004, the second full year under new CEO, Tom Prescott.
Meanwhile, one of the original founders, Zia Chishti, left the company in 2004.
Align and OrthoClear ultimately settled in 2006 when Align agreed to buy OrthoClear’s IP for $20 million, effectively forcing them to shut down.
In March 2011 Align acquired the Israeli company Cadent for $190 million; Cadent manufactured intraoral scanners that included 3D imaging, as well as software to display the acquired images and to plan treatment.
They have also continued to Improve on the Invisalign product itself and in 2013, they introduced SmartTrack® material.
The company's sales reached $1 billion for the first time in 2016 and its products were being used in about 8% of people who got braces.
In 2017 the company was faced with the challenge of the expiration of its patents on its Invisalign system starting in October 2017 and the beginning of generic competition.
In March 2020, Align Technology announced that it has signed a definitive agreement to acquire exocad Global Holdings for approximately $418.7 million.
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Align Technology may also be known as or be related to Align, Align Technologies, Corp., Align Technology, Align Technology Inc and Align Technology, Inc.