Overjet Raises $ 42.5 Million in Series B Following Explosive Customer Demand, Raising $ 425 Million Valuation | State
BOSTON, 20 December 2021 / PRNewswire / – Amid accelerating demand for its dental artificial intelligence (AI) software, Overjet (www.overjet.ai) announced today that it has lifted $ 42.5 million in a Series B financing led by General Catalyst and Insight Partners with the participation of existing investors Crosslink Capital and the MIT-E14 affiliated fund in an oversubscribed round. Following the $ 27 million Series round A announced just four months ago in August 2021, Overjet lifted almost $ 80 million of total funding to date.
“Overjet’s cutting-edge software has created incredible demand from clinicians and insurers who see our dental AI as a transformative technology to advance patient oral health care,” said Dr. Wardah inam, PhD, CEO and co-founder of Overjet. “The new funding will accelerate our next chapter of growth to support our customers, grow the team and invest in the next generation of technologies to support patient care. “
Overjet’s dental AI technology encodes dentist-level understanding of disease identification and progression into software, helping dentists deliver the best patient care and insurers operate more accurately and efficiency. Earlier this year, Overjet obtained FDA clearance for dental assistanceMT product, the first-ever dental AI company to receive such clearance. The company is working with both large dental organizations and single site clinics to deploy Dental Assist. In October, Overjet and New England Family Dentistry announced a partnership to bring dental AI to the organization’s network of 50 clinics.
“As evidenced by its rate of adoption by insurers and suppliers, customers love Overjet’s highly differentiated and powerful AI software,” said Lonne Jaffe, Managing Director at Insight Partners. “As we’re seeing with some AI-powered scale-ups in other areas, Overjet has the potential to transform the oral health industry, and we couldn’t be more excited to partner with Wardah and her team for the next phase of Overjet’s growth journey. . “
On the insurance side, Overjet has established itself as the leading AI company with dental insurers, counting 16 major carriers as customers to cover more than 73 million Americans. Overjet’s claims intelligence platform supports consistency in reviewing dental claims and improving insurer operational efficiency.
“When we first met Overjet, we were immediately impressed with Wardah Inam’s vision of building the intelligence layer for dentistry, ”said Chris bischoff, Managing Director of General Catalyst. “The market traction the team has achieved in such a short period of time is testament to the value of their software solutions. We’re excited to be leading their round of funding once again as they partner with clinicians and insurers to transform patient dental health. “
The company is growing rapidly, surpassing 60 employees in December, and plans to double its workforce over the next 6 months. While its seat is at Boston, the company shifted to remote operations first to attract top talent. “The Overjet team is committed to improving oral health care for all,” said Dr. Chris Balaban, DMD, clinical director at Overjet. “We are working towards a future of dental care with more diagnostic consistency, precision and confidence. “
About Overjet
Overjet is the global leader in dental artificial intelligence, helping payers and providers improve patient care. The company was founded by experts from the Massachusetts Institute of Technology and Harvard School of Dentistry, and has assembled the largest and most seasoned team of technologists and experts in the field with extensive experience in AI, dental and insurance. Follow Overjet at www.overjet.ai, to LinkedIn and on Twitter.
About General Catalyst
General Catalyst is a venture capital firm that invests in powerful, positive and lasting change – for our entrepreneurs, investors, employees and society. We support founders with a long-term vision that challenge the status quo, partnering with them from seed to growth and beyond to create businesses that stand the test of time. With offices in San Francisco, Palo Alto, New York City, London, and Boston, the company has helped support the growth of companies such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Samsara, Snap, Stripe and Warby parker. For more: www.generalcatalyst.com.
About Insight Partners
Insight Partners is a leading global venture and private equity firm investing in high growth ScaleUp technology and software companies driving transformative change in their industries. Founded in 1995, Insight Partners has invested in over 400 companies around the world and has raised more than $ 30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with hands-on and hands-on software expertise to drive long-term success. Through its people and portfolio, Insight fosters a culture around the belief that ScaleUp businesses and growth create opportunity for all. For more information on Insight and all of its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
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