[Funding alert] Cloud platform for dentists CareStack raises $28M in Series B from Steadview Capital, Delta Dental of California
CareStack, a cloud-based platform for dental industry has raised $28 million in a Series B round, led by Steadview Capital and Delta Dental of California.
It will be using the funds to expand its customer footprint and drive product innovation aimed at elevating dental offices, the company said in a statement. As part of the investment, Puneet Kumar, Vice President of Steadview Capital has joined CareStack’s Board of Directors.
Speaking on the company and product, Abhi Krishna, CEO of CareStack, said,
“Simply put, CareStack is rewriting the rules of what an intelligent solution should look like for dentistry — for groups, DSOs and solo practitioners. We are excited to partner with leading firms like Steadview Capital and Delta Dental of California, along with our existing investors Accel Partners, Eight Roads and F-Prime Capital, as we continue to accelerate the adoption of our platform and offer never-before-seen capabilities for practice growth.”
The SaaS-based dental platform provides a complete clinical and business management platform on the cloud, to manage all major functions of a dental practice.
Started off as a 15-member team in 2015, CareStack has grown into a 200-member team across its offices in Orlando, USA and Thiruvananthapuram, India. The company expects to have a 400-member team by the end of 2020, including a new office in Kochi, Kerala.
“Technology adoption has been traditionally slow in the US dental industry. CareStack’s service offerings have the potential to revolutionise the industry in the years to come,” Ravi Mehta, Managing Director, Steadview Capital said.
CareStack leverages analytics and automation to enhance patient experience, maximise insurance reimbursement and improve patient dental care.
“We are very interested in helping our dentists build a successful practice and making it easier for them to focus on high quality care for their patients. Our investment in CareStack will benefit dentists’ business operations and improve the patient experience, by bringing powerful capabilities and driving greater efficiencies to practices of every size,” Kevin Jackson, Executive Vice President and Chief Growth Officer at Delta Dental of California said.
(Edited by Suman Singh)