BOSTON– VideaHealth, the leading dental diagnostic AI solution, today announced $20 million in Series A financing led by Spark Capital. Existing investors Zetta Venture Partners and Pillar VC also contributed to the round. The company has raised $26.4 million to date and will use the financing to massively expand VideaHealth’s groundbreaking AI-based diagnostics capabilities to dentists, with the goal of being the leading AI solution for more than 6,750 practices by the end of 2023.
“VideaHealth is bringing standardized care powered by AI to dental care,” said Alex Finkelstein, General Partner of Spark Capital. “The industry needs this type of innovation and the vision, advanced AI capabilities and market strategy of this team will improve dentistry both for professionals and patients, and we’re proud to be an early investor.”
VideaHealth helps identify and communicate dental diseases and other conditions to dentists while they are actively attending to patients. The solution is expected to achieve regulatory clearance for its AI-based clinical image processing within the coming months, something no other vendor has achieved on the market today.
A recent joint study with VideaHealth partner Heartland Dental, which supports over 2,400 doctors in more than 1,600 dental offices across 38 states, demonstrated that VideaHealth’s AI platform helped clinicians detect 46% more caries lesions (cavities) and reduced errors by 10%. VideaHealth lets dentists achieve faster, more accurate diagnoses and enables better preventative care, providing substantial cost savings for patients by reducing invasive care.
Seth A. Gibree, DMD, FAGD, and senior director of Clinical Advocacy at Heartland Dental, said, “Comprehensive preventative care is the best way to alleviate complicated, complex and costly procedures and conditions down the road. AI diagnostics enable dentists to detect issues early and often, resulting in less invasive care – and reduced out-of-pocket costs. The impact and potential of companies like VideaHealth on the future of patient care can be exponential.”
Today, more than 40% of dental diseases are missed and over 65% of proposed treatments are rejected due to the lack of transparency and detail that AI can provide to the diagnosis and treatment processes. Today’s dentists are expected to be equal parts diagnostician, surgeon, primary care physician and specialist, something that’s untenable without the use of advanced technologies like machine learning and AI. With the right approach to operationalizing AI using VideaHealth, dentists can realize incredible efficiency gains managing all these specialized roles, as well as increase their overall revenues and ROI.
