AI-powered dental care provider Overjet has today announced it’s successfully raised $7.85m in seed funding which was led by VC firm Crosslink Capital and had participation from other investors including MIT E14 fund and strategic dental industry partners that were not named.
The funding is said to be used for accelerating the development and availability of its platform so it can start being used within dental providers across the country at a quicker rollout rate.
Dr. Wardah Inam, co-founder and CEO of Overjet explained what their goal is and that the funding will help them achieve this by saying: “Our goal from day one has been to improve the standard of care in dentistry. We are looking forward to working with our partners to scale our technology and efforts to achieve our mission,”.
Cambridge, Massachusetts-based Overjet was founded in 2018 by professionals from the Massachusetts Institute of Technology and Harvard School of Dental Medicine and incubated at the Harvard Innovation Labs with the mission to solve ‘the most challenging problems in dentistry to improve dental care for millions of patients’.
The AI-powered dental care provider allows customers or dental providers to do an automatic analysis of clinical data through their Clinical Intelligence Platform which can help customers and their services by improving productivity, profitability, and patient care while being able to scale their service.
Overjet use capabilities including computer vision and machine learning algorithms to enable customers or dental providers and payers to deliver the best patient care possible for that unique situation.
The funding comes at a time where the healthcare industry is receiving an increased amount of attention, especially in regards to emerging capabilities and technologies such as computer vision and machine learning.
It’s possible that Overjet could use their capabilities to capture loads of different data from images that could be used for insurance claims. It was only recently the medical imaging startup Nanox raised $20m for their lower cost medical imaging systems.
The AI-powered dental care provider offers a product called Automatic Claim Review which boasts the potential to lower costs and give accurate reviews of service.
It does this by standardising results that remove consensus enabling customers to reduce turnaround time and have all claims checked instead of only flagged ones with Overjet claiming its platform can review millions of claims within seconds which has the knock-on effect of lowering costs due to dentists not having to review all claims.
The AI-powered dental care provider has an impressive roster of partners and investors who include Harvard Innovation Lab and MIT Hacking Medicine.
“As the dental industry embarks on a digital transformation, there is a massive opportunity for companies to utilise AI technologies such as computer vision and deep learning to fundamentally improve the standard of dental care for patients. We believe that Overjet has put together a premier team of technologists and domain experts to solve key challenges in the dental industry, and are excited to support the team on its journey,” said Phil Boyer of Crosslink Capital.
This is the first funding round the AI-powered dental care provider has done since it was founded and it could be likely there’s another one in the pipeline if the company is found popular in dental clinics.
