Digital dental health company Overjet scored $27 million in Series A funding for its artificial intelligence-backed dental assistant. General Catalyst and Insight Partners led the round with participation from Crosslink Capital and the MIT-affiliated E14 Fund.
This comes just over a year after the Boston-based company landed $7.85 million in a seed funding round led by Crosslink Capital. As of today the company boasts a total of more than $35 million in fundraising.
WHAT IT DOES
The company’s Overjet Dental Assistant landed an FDA 510(k) clearance in April. The tool was developed to help dentists and hygienists measure mesial and distal bone levels in bitewing and periapical radiographs in order to help diagnose periodontal disease.
The startup is also able to work with insurance companies to help automate claims review and payment integrity.
Founded in 2017 by Harvard and MIT dentists and PhDs, the company has inked deals with 15 “major carriers” of dental insurance.
WHAT IT’S FOR
The company plans to use the new infusion of cash to build up market adoption and roll out new products.
“The rapid pace of customer adoption for Overjet’s software is a testament to its product differentiation and the market pull for powerful, rapidly improving AI technology in dentistry,” Lonne Jaffe, managing director of Insight Partners, said in a statement.
“As Overjet scales up, more and more dental payers and providers will get the chance to appreciate the predictive accuracy of its software and the caliber of its team. Overjet is on a mission to solve the most challenging problems in dentistry, which can positively impact millions of patients.”
THE LARGER TREND
There are a growing number of digital dental products on the market. One of the big names in this space is Quip, which is an online subscription platform that ships dental supplies to consumers. In 2019, the company’s services expanded to include a new platform that lets customers browse nearby dental services, see their rates and book an appointment. Insurtech company Beam is also zeroing in on the dental space.
Recently, dental care company Colgate-Palmolive teamed up with Alphabet’s life science subsidiary Verily to conduct new research focused on oral health that will be included on the latter’s ongoing Baseline Health Study.