Archy, an all-in-one payments and management platform that powers an entire dental practice, announced on its blog Nov. 7 that it has raised $10 million in new funding.
The effort was led by Bessemer Venture Partners and CRV, with Alven, NKM Capital, Adapt Ventures, 2.12 Angels, Diagram Collective, Somrat Niyogi, Instacart CEO Fidji Simo, former Uber CTO Thuan Pham and others.
The company will use the funding to continue its hiring efforts, fuel its research and development plans, and scale marketing campaigns, with an aim to bring Archy to tens of thousands of dentists across the U.S.
Every year, nearly 200,000 dental offices in the U.S. lose an average of 15 % of their bottom line due to outdated, clunky software that forces practice owners to spend money on expensive servers and utilize several different software subscriptions, putting practices at risk of cyber-attacks.
Archy’s mission is to continue scaling a comprehensive cloud-based dental practice management software platform that combines all the core features practice owners need, including patient engagement, payroll, practice management software, imaging, analytics and payment processing.
Using Archy means a practice can eliminate cobbling together fragments of software that only do a handful of these functions.
“Software has historically been a universal pain point for dental teams and we’re proud that Archy is leading the way in closing that gap,” said Jonathan Rat, founder and CEO of Archy. “We’ve intentionally built Archy to have an intuitive design and user-friendly approach so that dental practice owners can spend less time doing clerical work and more time serving their patients.”
Founded by Rat and his team, Archy’s long-term vision is to expand existing capabilities of the platform and enable an ecosystem of third-party applications. By partnering closely with an advisory board comprised of leading dentists with more than 80 years of experience, Archy leaders plan to eventually explore features like teledentistry, artificial intelligence (AI) and machine learning for claims and inventory management.
Dr. Trisha Patel, owner of Signature Smiles in Madison, Mississippi, said that Archy has been invaluable for her dental practice. “With Archy, managing my practice has never been easier,” she said. “The platform has made running a business easy, seamless, and more importantly, has only positively impacted our bottom line.”
Archy is currently free for dental startups until they reach 500 patients. The service then charges a flat fee per office once the practice reaches a paid status, meaning a practice can have unlimited providers and administrative team members without having to pay an additional fee.
Learn more at: https://www.archy.com/
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