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Overjet Raises $53 Million: The Largest Investment in the History of Dental AIWith this Series C funding, Overjet will expand its AI platform BOSTON, March 5, 2024 /PRNewswire/ -- Overjet, the world-leader in dental AI, today announced a $53.2 million Series C round: the largest investment ever in artificial intelligence for dentistry. The historic round was led by March Capital, with participation from General Catalyst, Insight Partners, E14 Fund, Crosslink Capital, Spring Rock Capital, Liquid 2 Ventures, and Harmonic Growth Partners, as well as the American Dental Association. It brings Overjet's total funding to approximately $133 million, and increases the company's valuation to $550 million.
"The promise of AI is to be a true operating system that lets every dental organization put patients first." This funding will fuel Overjet's mission to make dentistry patient-centric — by providing dental professionals with the AI tools they need to operate efficiently and give patients exceptional care. Founded in 2018, Overjet has already raised the standard for diagnosing diseases in X-rays, educating patients about their oral health, and reviewing dental insurance claims. Its platform is the only technology cleared by the U.S. Food and Drug Administration (FDA) to detect, outline, and quantify instances of oral disease, with millimeter-level precision. "I founded Overjet to elevate the standard of care in dentistry and enhance patient outcomes through AI," said Wardah Inam, Overjet's CEO. "Overjet's platform empowers dental organizations by enabling precise clinical decisions, enhancing patient communication, and reducing administrative overhead. This funding will help us further accelerate our mission to improve patient outcomes — by making dental AI ubiquitous." This Series C funding follows a period of rapid growth for Overjet's business. The company now serves thousands of dentists, across both private practices and the largest dental support organizations (DSOs) in North America. It also partners with payers that collectively cover more than 120 million members, including the majority of the 10 biggest U.S. dental insurers. Overjet's impact has garnered recognition beyond the dental sector, including the u>Forbes AI 50, Fast Company's World's Most Innovative Companies, and Built In's Best Places to Work. "At March Capital, we believe that AI has the potential to revolutionize patient care and Overjet is leading the way with its innovative solutions, starting in dental. Automating workflows for both payers and providers to improve the efficiency and quality of dental care at the forefront of the industry, Overjet has experienced explosive growth since its inception and has become the market leader in the dental AI category," said Solomon Hailu, Partner at March Capital. "We are proud to support its mission to create a new, AI-enabled standard of care for the industry and help catalyze its continued expansion." Without Overjet, different experts often reach different interpretations of the same dental X-ray, which can cause communication to break down between doctors, insurers, and patients. Patients decline about 50% of treatments that dentists recommend — both because they don't understand the diagnosis, and because they aren't sure whether insurance will pay for it. Now, dentists, insurers, and patients all have the same source of truth: Overjet. The company trains its advanced artificial intelligence on millions of cases, and continually verifies its accuracy with a team of top clinical specialists. Across multiple FDA studies, almost every general dentist was more accurate in detecting cavities and calculus when using Overjet. "Overjet's AI is already a game-changer from a clinical perspective," said Mark Sivers, DMD, Chief Clinical Officer at Aligned Dental Partners. "What really excites me is Overjet's ability to create a common language between providers and payers, so our business can move much faster. We've seen our average reimbursement period drop dramatically, and that's just the beginning of what AI can do." Overjet has become an essential tool for clinicians, dental executives, administrators, and insurers. Trained professionals use Overjet to diagnose, recommend care, review claims, and efficiently run their businesses. Its AI serves to augment human judgment — not replace it. All treatment and benefits decisions continue to be made by accredited professionals. With the Series C funding, Overjet will continue to build first-to-market AI capabilities that eliminate friction and uncertainty for patients, at every step. Ultimately, it will establish the first unified standard that connects the entire dental care ecosystem, from providers to payers to dental schools. To fuel Overjet's continued growth, the company has added several key go-to-market executive leaders, supplementing its already best-in-class clinical and technology teams. These include Mike Lemire, VP of Customer Success for Practice, Mario Paganini, SVP of Marketing, and most recently, Matthew Ewing, SVP of Revenue. "Our platform is already trusted throughout the dental sector," Inam said. "The next step is to seamlessly connect the process of diagnosing and treating pathologies with the process of reviewing and approving claims. Soon, doctors and patients will be able to get benefits decisions in real time — while insurers will be able to dramatically improve their member experience. The promise of AI is to be a true operating system that lets every dental organization put patients first." About Overjet Press Contact
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