Archy Raises $15 million Series A Round to Transform Dental Practices with Automated Cloud-Based Platform Underpinned by AI
Archy’s software can support the daily tasks of an entire dental practice with its cloud-based solution, automating processes and functions, while reducing costly server infrastructure, saving 80 hours per month in lost time for a single practice
SAN JOSE, Calif., Oct. 24, 2024 /PRNewswire/ — Archy, a pioneer of cloud-based automation software for dental practices, today announced it has raised $15M Series A funding in a round led by Entrée Capital with participation from Bessemer Venture Partners, CRV, Alven, 20VC Growth fund and several angel investors and dental professionals. The investment will advance further development of the Archy product, embedding AI across various areas to make dental practices more efficient and allowing dental teams to focus on more intricate tasks, while increasing practice revenue opportunities and significantly enhancing customer experiences.
Dental practices are being plagued by several fundamental challenges simultaneously. They are facing a severe staffing shortage, with capacity reduced by an estimated 10% across the US – an issue that is set to be further compounded by 33.7% of dental assistants and 31.4% of dental hygienists indicating they are planning to retire within five years. Dental practices are also contending against decreasing dental insurance reimbursements, making it harder for practices to offer competitive salaries, all while 75% of them still rely on outdated, on-site servers, proving a major obstacle to operational efficiency and presenting security risks.
Archy addresses each of these challenges through its pioneering fully automated, cloud-based solution that eliminates the need for costly, outdated on-premises servers while providing AI-driven automation tools for insurance verification, billing, scheduling, and patient communication, streamlining daily operations. Its integrated imaging solution also ensures x-rays and images are stored in real-time, while a direct integration with Pearl AI enables AI-powered x-ray analysis within the platform. Moreover, by moving practices to the cloud, Archy enhances security, provides regular updates, and offers seamless scalability, allowing dental practices to focus on intricate tasks and patient care.
“Fewer staff, mounting workload, less revenue opportunities all while using antiquated systems presents a long-term challenge not only to dental practices, but also inevitably to dental patient care,” said Jonathan Rat, Co-Founder & CEO of Archy. “By integrating Archy, dental practices have an immense opportunity to reinvent how they manage the day-to-day workload, saving crucial time and cost which can be driven instead into business improvements, patient care and outcomes. Archy’s automated overhaul of a dental practice’s operations helps develop and retain the workforce, and our aim is to become a linchpin for sustainable growth for the practice itself.”
“We are excited to join Archy on its journey as it revolutionizes how dental practices interact with and support their patients,” said Avi Eyal, Co-Founder and Managing Partner, Entrée Capital. “In a sector so deprived of innovation, Archy blends simplicity and automation and creates seamless integration across the dental practice, with fast implementation. Practices using Archy are already reporting significant improvement in efficiency, and increased customer satisfaction and better patient care delivery. We believe the market is ripe for disruption and that Archy is the company that will emerge as the leader in this sector.”
Kent Bennett, Partner at Bessemer Venture Partners added, “Dentists have a reputation for being tech-phobic, but the truth is that legacy platforms never gave them a reason to fall in love. Archy has changed that with an end-to-end product that’s a breeze to onboard. The company has seen impressive adoption this year that puts them in line with the most exciting vertical SaaS launches we’ve seen. We’re thrilled to partner with the company again in this round.”
Inspired by Co-Founder, Dr Christine Liu’s experience as a dentist herself, Archy was designed by dentists for dentists, to enable a more efficient approach to every facet of the day – from booking appointments and conducting diagnoses, to treatment plans and managing patient outcomes. Archy has automated many of the time-consuming processes that dental practices face daily, saving time and reducing human error, allowing practices to prioritize patient care.
With Archy’s imaging software included, practices no longer have to rely on external software for imaging. With this funding round, Archy will be bringing more AI and ML features to their platform especially in the areas of analytics and revenue cycle management. This funding round takes Archy’s total investment to date to $27 Million and the company boasts several leading entrepreneurs on their board and as Angel investors. Archy is currently working with a few hundred dental practices across the US.
About Archy
Archy is a leading provider of practice management software for dental practices. Its all-in-one solution helps the front-line dental workforce save invaluable time and costs by eliminating the need for multiple, expensive add-on software packages and services. On average, an individual practice can save $8,000 per year by switching to Archy. From charting to payroll, employee management to patient engagement, Archy provides a transformative, one-stop shop for practice owners.
Media Contact
Gavin Horwich
Campaign PR
gavin@campaignpr.tech
View original content:https://www.prnewswire.com/news-releases/archy-raises-15-million-series-a-round-to-transform-dental-practices-with-automated-cloud-based-platform-underpinned-by-ai-302286180.html
SOURCE Archy
