DentalMonitoring has become the first dental software company to attain a valuation over US$1 billion announcing a US$150 million growth financing. The round is led by a new investment of US$90 million from Mérieux Equity Partners and US$60 million from Vitruvian Partners, an existing financial investor, demonstrating confidence in the company’s ambitious plans.
Since CEO and Co-Founder Philippe Salah launched the company in 2014, DentalMonitoring has become the first player to harness AI (artificial intelligence) for remote monitoring in the dental and orthodontic fields. Driven by the treating doctor, DentalMonitoring’s AI automates messages and instructions sent to patients and practice staff to synchronise the delivery of care with the need of care.
DentalMonitoring is also the first and only company offering virtual practice solutions for dental professionals to streamline and automate their workflow from initial virtual consultation and patient triage and conversion to remote monitoring of all appliances and brands.
To date, there are over a million patients in more than 50 countries that have taken more than a billion intraoral images on the DentalMonitoring platform.
“We are proud to be supported by leading international funds,” said Salah. “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.”
The company plans to use the proceeds to finance its rapid global growth, targeting an increased presence in the United States and expanding into new markets such as China and Japan. DentalMonitoring also plans to nearly double the number of employees in the next two years and target relevant acquisitions.
“AI is one of the major technologies to transform the delivery of healthcare and improve patient outcomes. DentalMonitoring’s team and their disruptive technology have convinced us of their ability to address the expanding demand for remote care capabilities for dental professionals. We are proud at Mérieux Equity Partner to back health tech talent and look forward to supporting DentalMonitoring in their stellar growth, leveraging our international network,” added Caroline Folleas of Mérieux Equity Partners.
“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,” said Torsten Winkler of Vitruvian Partners.
Jefferies LLC, a global investment bank with a deep knowledge of the dental and software markets, served as sole placement agent to DentalMonitoring on this investment round.