05 November 2024

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Archy Raises $15M Series A Round to Revolutionize Dental Practice Automation

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Archy, a pioneer of cloud-based automation software for dental practices, today announced it has raised $15M in Series A funding in a round led by Entrée Capital, with participation from Bessemer Venture Partners, CRV, Alven, the 20VC Growth Fund, and several angel investors and dental professionals. This investment will drive the further development of the Archy platform, embedding AI across various areas to make dental practices more efficient. It will allow dental teams to focus on more intricate tasks, increase practice revenue opportunities, and significantly enhance patient experiences.

Dental practices are currently grappling with several fundamental challenges. They face a severe staffing shortage, with capacity reduced by an estimated 10% across the U.S. This issue is expected to worsen, with 33.7% of dental assistants and 31.4% of dental hygienists planning to retire within five years. In addition, dental practices are struggling with decreasing dental insurance reimbursements, making it difficult to offer competitive salaries. Furthermore, 75% of practices still rely on outdated, on-site servers, which impede operational efficiency and pose security risks.

Archy addresses each of these challenges through its fully automated, cloud-based solution. It eliminates the need for costly, outdated on-premises servers and provides AI-driven automation tools for insurance verification, billing, scheduling, and patient communication, streamlining daily operations. Archy’s integrated imaging solution ensures that 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. Additionally, by moving practices to the cloud, Archy enhances security, offers regular updates, and provides seamless scalability, enabling dental teams to focus on intricate tasks and patient care.

“Fewer staff, mounting workloads, and reduced revenue opportunities—along with outdated systems—present long-term challenges not only to dental practices but also to patient care,” said Jonathan Rat, Co-Founder & CEO of Archy. “By integrating Archy, dental practices can reinvent how they manage daily workloads, saving crucial time and costs, which can be reinvested into business improvements, patient care, and outcomes. Archy’s automated overhaul of practice operations helps develop and retain the workforce, and we aim to be a linchpin for sustainable growth for dental practices.”

“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 at Entrée Capital. “In a sector so deprived of innovation, Archy blends simplicity and automation, creating seamless integration across dental practices with fast implementation. Practices using Archy are already reporting significant improvements in efficiency, increased customer satisfaction, and better patient care delivery. We believe the market is ripe for disruption, and Archy is the company that will emerge as a leader in this sector.”

Kent Bennett, Partner at Bessemer Venture Partners, added, “Dentists have a reputation for being tech-phobic, but the truth is legacy platforms never gave them a reason to love technology. Archy has changed that with an end-to-end product that’s a breeze to onboard. The company has seen impressive adoption this year, putting it 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 practicing dentist, Archy was designed by dentists, for dentists, to enable a more efficient approach to every aspect of the day—from booking appointments and conducting diagnoses to treatment planning 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 integrated imaging software, practices no longer need external software for imaging. With this funding round, Archy will bring more AI and ML features to its platform, especially in analytics and revenue cycle management. This round brings Archy’s total funding to $27 million, and the company boasts several leading entrepreneurs on its board and as angel investors. Archy is currently working with a few hundred dental practices across the U.S.

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 money by eliminating the need for multiple, expensive add-on software packages and services. On average, a 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 solution for practice owners.

Source: https://www.archy.com/