Overjet, an AI-powered dental assistant tool, raised $27 million in Series A financing led by General Catalyst, Insight Partners, with existing investors, including Crosslink Capital and the MIT-affiliated E14 Fund.
The company plans to use the new funds to build up market adoption and roll out new products. “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.
Founded in 2017, Overjet develops a Dental Assistant that received an FDA 510(k) clearance in April. According to the company, the AI-powered dental assistant tool helps dentists and hygienists measure mesial and distal bone levels in bitewing and periapical radiographs to help diagnose periodontal disease.
“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 works with insurance companies to help automate claims review and payment integrity. The company has onboarded 15 clients, including The Guardian Life Insurance Company of America, a dental provider.
“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.”
Venture capital (VC) funding into Clinical Decision Support software companies doubled to $1.1 billion in the First Half (1H) of 2021, compared to $545 million in 1H 2020, according to the latest Mercom Digital Health Funding and M&A Report.