Overjet Raises $42.5 Million Series B Following Explosive Customer Demand, Reaching $425 Million Valuation

Amid accelerated demand for its dental artificial intelligence (AI) software, Overjet announced it has raised $42.5 million in Series B financing led by General Catalyst and Insight Partners with participation from existing investors Crosslink Capital and the MIT-affiliated E14 Fund in an oversubscribed round. Following the $27 million Series A round announced, just four months ago, in August 2021, Overjet has raised nearly $80 million in total financing to date.

“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,” said Dr. Wardah Inam, PhD, CEO and co-founder of Overjet. “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.”

Recommended News : Predictions Series 2022: Interview with Param Kahlon, Chief Product Officer at UiPath

Overjet’s dental AI technology encodes dentist-level understanding of disease identification and progression into software, supporting dentists to deliver the best patient care and insurers to operate more accurately and efficiently. Earlier this year, Overjet secured FDA clearance for its Dental Assist product, the first-ever dental AI company to receive such a clearance. The company is working with both large dental organizations and single-site clinics to roll out Dental Assist. In October, Overjet and New England Family Dentistry announced a partnership to bring dental AI to the organization’s 50 clinic network.

“As evidenced by its pace of adoption by both insurers and providers, 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 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.”

Recommended AI News: Leading Online Marketplace Artnet Launches NFTs Using Monegraph

On the insurance side, Overjet has emerged as the leading AI company with dental insurers, counting 16 major carriers as customers for coverage of over 73 million Americans. Overjet’s Claim Intelligence Platform supports consistency in dental claims review and improved operating efficiency for insurers.

“When we first met Overjet, we were immediately impressed by Wardah Inam’s vision to build the intelligence layer for dentistry,” said Chris Bischoff, Managing Director of General Catalyst. “The market traction the team has achieved in such a short time attests to the value of their software solutions. We are delighted to again lead their funding round as they partner with clinicians and insurers to transform patient dental health.”

The company is growing rapidly, topping 60 employees in December, and expects to double headcount in the next 6 months. While headquartered in Boston, the company switched to remote-first operations to attract top talent. “The Overjet team is committed to improving oral healthcare for all,” said Dr. Chris Balaban, DMD, Clinical Director at Overjet. “We’re working towards a dental care future with more diagnostic consistency, accuracy, and trust.”

Recommended AI ML Article: Do’s, Don’ts and Legalities Involved in Future Brand Collabs

[To share your insights with us, please write to sghosh@martechseries.com]