Paris-based self-monitoring dental treatment company DentalMonitoring announced that it has raised $150M (approx €128.9M) in a fresh round of funding. With this, the company has also achieved the status of a unicorn by attaining a valuation of over $1B (approx €859.6M).
The round was led by Mérieux Equity Partners with a new investment of $90M from and Vitruvian Partners, an existing financial investor who provided $60M in funds.
DentalMonitoring CEO Philippe Salah says, “We are proud to be supported by leading international funds. 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.”
Funds for global growth
The company claims that proceeds from this round will help it to invest in its rapid global growth, targeting an increased presence in the US and expanding into new markets such as China and Japan.
Besides, DentalMonitoring also plans to double the number of employees in the next two years and target relevant acquisitions.
Torsten Winkler of Vitruvian Partners says, “By enabling remote dental care, DentalMonitoring is the biggest disruptor to the field since intraoral scanners in the 1990s and digital imaging in the 1980s. The company is an excellent fit with our investment strategy of backing best-in-class companies benefiting from strong market tailwinds with internationalisation opportunities. Vitruvian renews its confidence to support the increasing needs of the company’s ambitious growth plans.”
“We help dental professionals do more, virtually”
Founded in 2013 by Philippe Salah, DentalMonitoring claims to be the first company to offer an AI-based solution that empowers dentists and orthodontists to expand their practice into a virtual environment.
The company’s proprietary AI was built by processing over half a billion photographs and creating the industry’s largest image database. It can analyse, detect and report 130 oral events using images taken with a smartphone.
DentalMonitoring’s advanced and comprehensive doctor-driven AI solutions allow doctors to detect and monitor oral observations remotely, optimising in-person appointments.
It provides streamlined assessments and communication from patient lead engagement and conversion, providing treatment options through AI-generated reporting and advanced smile simulations, to remote monitoring of all types of treatments.
DentalMonitoring’s AI also automates messages and instructions sent to patients and practice staff to synchronise the delivery of care. With 400 employees across 18 countries, the company has nine offices including in Paris, Austin, London, Sydney, and Hong Kong.
Earlier this month, DentalMonitoring announced the launch of the ScanBoxpro. It is a portable device that any patient can take with them for precise AI-powered scans anywhere and anytime.