CareStack, a cloud-based tech platform for dental industry, has raised $28 million (approx ₹199 crore) in a Series B round of funding. While, Steadview Capital and Delta Dental led the round of CareStack, along with participation from F Prime Capital, Eight Roads Ventures and Accel Partners, reported by Mint.
Abhi Krishna, CEO at CareStack said that the platform plans to use the funds for automation, and to expand in firms which have dental practices in multiple locations. The startup CareStack, currently, makes money by selling its software as a service, revenue cycle management, and patient financing, he added.
In September 2018, CareStack raised $16 million (approx ₹114 crore) in a series A round from Eight Roads and Accel. The platform is run by Good Methods Global Inc.
CareStack’s flagship solution is a complete clinical and business management platform on the cloud to manage all major functions of a dental practice. CareStack leverages analytics and automation to enhance patient experience, maximize insurance reimbursement and improve patient dental care.
“Technology adoption has been traditionally slow in the US dental industry. CareStack’s service offerings have the potential to revolutionize the industry in the years to come,” said Ravi Mehta, managing director of Steadview Capital.
CareStack expects to expand to a 400-member team by the end of 2020, including a new office in Kochi.
CareStack plans to stick to its core competence in the dental space, within which it is building integrated tools that connect consumers, dentists, insurance companies and employers, Krishna said.