The funding round, which values DentalMonitoring at more than $1bn, is expected to enable the company to expand its global presence with a main focus on the US, as well as to enter into new markets such as China and Japan
DentalMonitoring is said to be the first dental software company to attain a valuation over $1bn. (Credit: Business Wire)
Dental software company DentalMonitoring has secured a $150m in growth financing from Mérieux Equity Partners and Vitruvian Partners.
The company has received a new investment of $90m from Mérieux, as well as $60m from an existing financial investor Vitruvian Partners.
With the latest growth financing, the company has increased its valuation to more than $1bn.
The proceeds will be used by the company to expand its global presence with a main focus on the US, as well as to enter into new markets such as China and Japan.
DentalMonitoring also aims to double the number of employees in the next two years, in addition to targeting relevant acquisitions.
Currently, the company has more than 400 employees across 18 countries and 9 offices including Paris, Austin, London, Sydney and Hong Kong.
DentalMonitoring CEO Philippe Salah said: “This achievement marks a new milestone for the company, and is a testament to the new standard of care our team has brought to the profession.
“We will continue to deliver even more innovative solutions for dental professionals to help them provide better care and scale their practices.”
Launched by co-founder Salah in 2014, DentalMonitoring focuses on using artificial intelligence (AI) for remote monitoring in the dental and orthodontic fields.
Driven by the treating doctor, DentalMonitoring’s AI is said to automate messages and instructions sent to patients and practice staff synchronising the delivery of care with the need of care.
The company offers virtual practice solutions for dental professionals to streamline and automate their workflow from initial virtual consultation, patient triage and conversion, to remote monitoring of all appliances and brands
DentalMonitoring platform has been used by over one million patients in more than 50 countries to take over a billion intraoral images, to date, stated the company.
Jefferies, a global investment bank, has acted as sole placement agent to DentalMonitoring on the current investment round.