Overjet, a dental AI startup based in Boston, has raised $42.5 million in Series B funding to revolutionize dental healthcare by using AI to improve patient care.
The oversubscribed round was co/led by General Catalyst and Insight Partners with participation from existing investors Crosslink Capital and MIT-affiliated E14 Fund. The capital brings the total funding raised by the startup to about $80 million after closing a $27 million Series A round back in August. Lonne Jaffe, Managing Director at Insight Partners, referred to the round by stating:
“As evidenced by its pace of adoption by both insurers and providers, customers love Overjet’s highly differentiated and powerful AI software. As we’re seeing with some AI-powered ScaleUps in other domains, Overjet has the potential to transform the oral healthcare industry, and we couldn’t be more delighted to partner with Wardah and her team on the next phase of Overjet’s growth journey.”
Founded in 2018, Overjet has experienced rapid growth over the past years by serving over 16 major carriers to cover over 73 million Americans and expanding its team to 60 employees, which the startup plans to double by the next 6 months. The startup has also secured FDA clearance for its flagship product, becoming the first dental AI company to do so. Dr. Wardah Inam, PhD, CEO and co-founder of Overjet, said in this regard:
“Overjet’s cutting-edge software has seen incredible demand from clinicians and insurers alike who see our dental AI as a transformational technology to advance patient oral healthcare. The new financing will accelerate our next chapter of growth to support our customers, grow the team, and invest in the next generation of technology to support patient care.”
With Artificial Intelligence becoming an increasingly relevant technology, industries are rushing to harvest its benefits to improve efficiency and reduce costs. By bringing AI to the dental care industry, the startup is allowing dentists to easily identify diseases and track their progression, allowing them to adapt the treatment to provide their patients with the best care possible.