Overjet Raises $27 Million in Series A Financing to Accelerate Adoption of AI-Driven Dentistry
BOSTON, Aug. 26, 2021 /PRNewswire/ -- Overjet (www.overjet.ai), the global leader in dental artificial intelligence (AI), today announced it has raised $27 million in Series A financing led by General Catalyst and New York-based global private equity and venture capital firm Insight Partners with participation from existing investors that include Crosslink Capital and the MIT-affiliated E14 Fund.
"Overjet is on a mission to improve oral healthcare for all," said Dr. Wardah Inam, CEO and Co-founder of Overjet. "This ambitious vision pushed us to find world-class investors with a depth of experience supporting the scaling of high-growth technology companies."
Overjet's dental AI products are designed to help dentists deliver the best patient care and enable dental insurers to operate more accurately and efficiently. Today's financing follows the FDA's recent clearance of Overjet's Dental AssistTM product designed for dental practices, the first dental AI company to receive such a clearance.
"Overjet improves patient care by automating much of the clinical review process with AI and by helping clinicians increase diagnostic quality, consistency, and speed," said Chris Bischoff, Managing Director of General Catalyst. "At General Catalyst, we are excited to partner with Wardah Inam and the entire Overjet team as they deliver on the vision of health assurance in dentistry - creating a win for patients, as well as insurers and clinicians."
In the dental benefits space, Overjet has emerged as the leading AI company with dental insurers, inking 15 major carriers as customers for coverage of over 53 million Americans. The Guardian Life Insurance Company of America (Guardian Life), a leading dental provider, was the first national carrier to integrate Overjet's dental AI into its claims processing. The two companies started their commercial partnership in late 2019 with a focus on supporting consistency in dental claims review and improving operating efficiency.
"Guardian Life continues to be committed to facilitating the best oral health care possible for our members," said Dr Randi S. Tillman, Chief Dental Officer, at Guardian Life. "By partnering with Overjet, we are able to leverage AI technology to improve the consistency of our dental claim review process while ensuring that we are able to make decisions based on the most precise clinical data."
"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," said Lonne Jaffe, Managing Director of Insight Partners. "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."
With a rapidly growing customer roster, Overjet expects the new funding to only accelerate market adoption, new product launches, and impact on dentistry. "Tens of millions of Americans already have their dental claims processing streamlined and accelerated by Overjet today," said Shaju Puthussery, Chief Operating Officer of Overjet. "With the recent FDA clearance and new funding, more Americans will see Overjet's dental AI technology assisting their dentists at the next check-up. We're committed to helping clinicians deliver the best patient care."
Overjet is the global leader in dental artificial intelligence, helping both payers and providers improve patient care. The company was founded by experts from the Massachusetts Institute of Technology and Harvard School of Dental Medicine, and has assembled the largest and most seasoned team of technologists and domain experts with deep AI, dental, and insurance experience. Follow us at www.overjet.ai and on Twitter @overjetdental.
About General Catalyst
General Catalyst is a venture capital firm that invests in powerful, positive change that endures — for our entrepreneurs, our investors, our people, and society. We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond to build companies that withstand the test of time. With offices in San Francisco, Palo Alto, New York City, London, and Boston, the firm has helped support the growth of businesses 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 capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.