2021 is shaping up to be the year of AI for the dental industry. Besides dental care providers, even payers are adopting AI at a rapid pace as it automates their claims review operations and reduces friction in interactions. With the dental AI series, it is possible to clearly understand dental claims processing and the promising future impact of AI. Boston-based Overjet, a leader in dental artificial intelligence works with the mission to improve oral healthcare for all.
Recently, Overjet announced that it has raised $42.5 million in a Series B funding round led by General Catalyst and Insight Partners along with participation from existing investors the MIT-affiliated E14 Fund and Crosslink Capital in an oversubscribed round. This follows the $27 million Series A round the company secured in August. To date, Overjet has raised a total of $80 million investment.
Overjet will use the funds to accelerate hiring and product development driven by strong demand for its dental AI from insurers and clinicians. Also, it will accelerate its growth to support customers, grow the team, and invest in the next generation of technology to support patient care.
Currently, the company has over 60 employees and is expected to double the team in the next 6 months. Headquartered in Boston, Overjet 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’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.
“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.”
“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.”
Founded by experts
Overjet was founded in 2018 by PhDs from the Massachusetts Institute of Technology and dentists from Harvard School of Dental Medicine and incubated at the Harvard Innovation Labs. The team including Alexander Jelicich and Wardah Inam is dedicated to solving the most challenging problems in dentistry to improve care for millions of patients. It has assembled the largest and most seasoned team of technologists and domain experts with deep AI, dental, and insurance experience.
How does it work?
Overjet’s dental AI software supports dentists in understanding the scans and help in disease identification and progression. Eventually, it lets dentists to deliver the best patient care and insurers operate more accurately and efficiently. A few months back, Overjet secured FDA clearance for its Dental Assist product, which is the first-ever dental AI company to receive the clearance. Currently, the company is working with both large dental organisations and single-site clinics to roll out Dental Assist.
In October, Overjet and New England Family Dentistry partnered to bring dental AI to the organisation’s network of 50 clinics.
Besides this, the company has also emerged as the leading AI company with dental insurers. As of now, it counts 16 major carriers as customers for coverage of over 73 million Americans. Its Claim Intelligence Platform supports consistency in dental claims review and offers improved operating efficiency for insurers.