Overjet Raises $42.5 Million Series B Following Explosive Customer Demand, Reaching $425 Million Valuation
BOSTON, Dec. 20, 2021 /PRNewswire/ -- Amid accelerated demand for its dental artificial intelligence (AI) software, Overjet (www.overjet.ai) today 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."
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 AssistTM 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."
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."
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 Overjet at www.overjet.ai, on LinkedIn and on Twitter.
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.