BOSTON--(BUSINESS WIRE)--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.
VideaHealth’s AI-powered diagnosis and presentation platform not only increases dentists' revenue, it also saves the medical system and patients money by improving preventative health. Among its many benefits to dentists and patients are:
● A 31% increase in diagnosis rate for cavities and 26% increase in treatment plan value;
● An increase in case acceptance by patients due to second opinions;
● Automated workflows accelerate treatment planning and charting;
● Analyses of over 15 clinical indicators, including cavities, tooth-structure loss, radiographic bone loss, calculus and periapical radiolucency; and
● Support for existing treatments for crowns, fillings, root canal treatments and more.
VideaHealth CEO and founder Florian Hillen, said, “We are on the cusp of revolutionizing the dental industry, which is evidenced by the caliber of investment partners like Spark Capital and our industry partnerships with the world’s biggest dental providers and distributors. Our technology is the pathway to a much-needed system of standardized care. Our entire mission is to help as many dental practices as possible leverage the power of AI to better serve their communities and give patients access to more affordable and appropriate dental treatments.”
Michael Scialabba, DDS, and chief clinical officer at 42 North Dental, said, “Our collaboration with VideaHealth enables us to effectively calibrate our providers to be even more transparent and elevate the level of care we provide to patients using cutting-edge AI technology. 42 North Dental has a proven culture of quality, safety and efficiency, and employing VideaHealth technologies will help us make great strides in achieving these evergreen initiatives.”
Jonny Brennan, MD, DMD, and associate dean of innovation and curriculum, ATSU-ASDOH, said, “Our entire innovation program and curriculum is designed to not only prepare our students for their dental careers, but train future leaders dedicated to public health and serving communities. Our partnership with VideaHealth helps us fulfill this mission by giving our school access to some of the most cutting-edge AI dental technology available.”
Founded in 2018 and born out of Harvard and MIT research, VideaHealth is on the mission to improve patient health through the power of AI. VideaHealth’s platform drives the improved quality of care for patients by using AI to augment the diagnosis and treatment planning capabilities of providers. Partnering with leading DSOs across the country, VideaHealth is committed to helping usher in the age of preventative care in dentistry. Backed by leading venture capital firms Spark Capital, Zetta Venture Partners and Pillar VC, as well as angel investors, VideaHealth is headquartered in Boston. For more information, visit https://www.videa.ai.