VideaHealth Raises $20 Million To Expand AI Dentist Diagnostics
VideaHealth, providers of a dental diagnostic AI solution, announce $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 more than 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.”