CareStack, a cloud-based software-as-a-service startup targeting the dental industry, has raised $22.5 million (Rs 167 crore) in its extended Series B round of funding from existing investors.
London-based hedge fund Steadview Capital, US-based insurance plan provider Delta Dental, Accel, Eight Roads and F-Prime Capital participated in this round.
CareStack says it will use the fresh capital to expand operations, double its workforce and grow annual revenue by four times.
“We are relentlessly innovating through frequent software upgrades, growing a list of third party integrations and advanced workflow automation capabilities,” said Abhilash Krishna, CEO at CareStack.
The company had raised $28 million in 2019 from the same investors and, with the latest infusion, it has more than $60 million in funding so far.
CareStack, which is run by Good Methods Global Inc, has offices in Trivandrum and Florida’s Orlando. The firm is involved in product research, development and support. Its staff strength is 370.
Good Methods Global had raised Series A funding in 2017 led by Accel. The company was founded in 2015 by Krishna, Arjun Satheesh, Jayasooryan KV, Kevin Cook and Varun Nelson.
The firm offers clients a clinical and business management platform that helps in managing all major functions of a dental practice. Its services include management of the front desk, patient engagement and financial aspects of a clinic.
Another dental-tech player named AMPA Orthodontics Pvt Ltd, which operates the Toothsi brand, had raised $5 million in its Series A round early this year.