Interesting dental news- A dental startup announced a funding of USD 23 million
Dental care/ Oral Hygiene is a big industry under the umbrella of Healthcare. Dental care is a huge source of employment and is a moderately competitive industry.
The oral health and the dental care industry is very important part of the overall wellbeing of the quality of life. Oral diseases are affecting more than 3.5 billion people around the world. According to the predictions made, the oral hygiene market around the world will reach USD 70 billion by the year 2031, whereas, in the year 2020, the market value of oral hygiene is USD 50 billion, thus growing at a CAGR of 3.1%.
Let us now talk about the funding of a dental startup that has taken place recently.
Announcement of funding of a dental startup
The dental startup, Smiles.ai has raised funds worth USD 23 million, as announced on January 24, 2022. This round of funding that has taken place was led by Alpha Wave Incubation, which is handled and managed by Falcon Edge Capital. Even the existing investors of the startup also took part in this round of funding. The existing investors were Sequoia Capital India and Chiratae Ventures.
The other participants of this round of funding that has taken place were MBX Capital and Wami Capital. Even some angel investors also took part in this round of funding. The angel investors were co-founders of Lenskart Peyush Bansal and Amit Chaudhary, co-founder and CEO of Haptik, Aakrit Vaish, co-founder of Mosaic Wellness, Revant Bhate, CSO of CRED, Miten Sampat, and MD of WTW, Sambhav Rakhyan.
The startup plans to use the funds raised in expanding its footprints around the nation, strengthening its leadership team, and building a dental care solution that will be tech-driven. With this round of funding, the investor MBX Capital, which is a US-based healthcare-focused fund, has marked its entry into India. The startup before this round of funding had raised USD 1 million in a seed round of funding last year. That round of funding was led by Sequoia Capital India and Chiratae Ventures. Even some angel investors and family offices had taken part in that round of funding.
About the dental startup that has announced its funding
The dental startup, Smiles.ai is focused on providing patients a great Dental Care experience. The experts and experienced Dentists of the startup are determined to provide best-in-class Dental care at honest pricing using the three pillars Technology, Transparency, and Teamwork. The startup wants its customers to say goodbye to lack of trust, feeling of judged, discomfort, and frustrations that one usually associates with a Dentist visit. The startup agrees that Dental Care isn’t working the way it should be. And the startup has thus decided to remake the entire experience.
It combines treatment the customer trusts with technology that comforts, an environment that soothes, and products that delight. The startup wants its customers to feel amazing about their oral health and wellness. Not just twice a year, but every time they take a bite, tell a joke, laugh, or share a kiss. The startup prioritizes safety and hygiene. It makes sure that there is safety with a health check, contactless check-in, enhanced PPE, regular sterilization, strict operating protocols, and many more.
The startup has invested in the latest technology like Intra-Oral Scanners, 30 Second X-Ray Machines, and 3D printers, which make the clinic experience for the customers great. These sophisticated and complex tools help the customers to produce a more accurate diagnosis, craft finer restorations, deliver more beautiful aesthetics, and keep the customers smiling.
The vision of the startup is to combine the expertise of the Best Dentist with the most significant advances in technology to deliver a great outcome. The services provided by the startup are In-clinic consultation, Video/Phone Consultation, At Home Consultation, and Smiles.Ai Aligners. The Dentists the startup provide are Specialist dentists with a minimum of 7 years of experience. The collective experience of all the dentists is more than 500 years, has more than 20 awards and recognitions, and has an average patient rating of 4.7/5.
The startup along with its team of more than 100 specialist dentists has taken care of more than 21000 smiles, has placed more than 5000 implants, and has more than 6000 smiles.ai Aligners. The features provided by the startup are Free consultation with Expert Dentists, Upfront Cost Estimates and 0% EMI, and 100% COVID SAFE Clinics. The startup currently has its presence in Bengaluru, Indore, and New Delhi.
About Alpha Wave Incubation
Founded by Rick Gerson, Alpha Wave Incubation is the sub-organization of Alpha Wave Global. It is an early-stage USD 300 million fund which are managed by Navroz Udwadia, who is the co-founder of Falcon Edge.
The startup is providing something different. We wish the startup a stroke of good luck and hope it has a happy and bright future ahead!
Edited and published by Ashlyn