Key Highlights:
- Overjet, a firm creating dental artificial intelligence software, announced an additional $42.5 million in Series B fundraising.
- Boston-based Overjet’s dental AI software assists dentists in comprehending what the scans reveal in terms of disease detection and development.
- The firm will continue to work on improving oral health and dental care, as well as growing technologies.
Overjet announces Series B funding
Overjet, a firm creating dental artificial intelligence software, announced an additional $42.5 million in Series B fundraising just four months after announcing $27 million in Series A funding.
General Catalyst and Insight Partners led the current round of fundraising, which also included Crosslink Capital and E14 Fund. In total, the business has raised a little under $80 million. Overjet’s valuation has nearly doubled to $425 million, according to Wardah Inam, Ph.D., co-founder, and CEO of Overjet.
“We were valued at $115 million in the previous round, so this is a significant boost,” she explained. “Not many dental companies have reached that milestone yet.”
Accomplishing milestones with Dental AI software
Inam, who just concluded a round of investment, told that it was a rapid Series B, and that, while the timing was unexpected, it was the consequence of several investor queries. New investors expressed interest, but the firm chose to undertake the round internally when it could achieve the conditions it desired for the future, she explained.
Boston-based Overjet’s dental AI software assists dentists in comprehending what the scans reveal in terms of disease detection and development. Its Dental Assist product has FDA clearance, and its strategy of targeting dental groups with large numbers of providers, such as its October partnership with 50-clinic New England Family Dentistry, is keeping the company busy working to implement its software into thousands of practices, according to Inam.
On the insurance front, the organization has 16 major carriers as clients. It had 50 million members at the time of the Series A, and that number has already risen to about 75 million, according to Inam.
“The boost was intended to establish practice operations, and now that we have strong recruits in, we have a tremendous backlog of practices that we want to launch,” she continued. “Milestones that we planned to accomplish in a year ended up being hit in a few months.”
Improving dental care and growing technologies
Overjet reached 50 personnel in December, up from 20 at the start of the year, and Inam aims to increase that number in the areas of customer success and engineering in the following six months. It shifted to remote-first operations in order to access a wider spectrum of talent. The fresh funds will also be used to create new items, according to the corporation.
Following that, the firm will continue to work on improving oral health and dental care, as well as growing technologies. Inam believes that for the “first time ever,” technology exists to analyze dental data using computers in order to more precisely assess disease development and track results toward more value-based treatment.
Meanwhile, the dental industry has been slow to embrace technology, but many startups have emerged in the last decade to help payers and providers automate some of the traditionally manual parts of the business, particularly the clear aligner space and analyzing dental scans, as well as educate people about dental health.
This year, firms such as Adra, which converts X-rays into pictures for improved issue diagnosis, as well as dental insurance Beam Dental, won money.
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