Thiruvananthapuram based cloud dental software solutions provider CareStack has raised $22.5 million in a Series C funding round from Steadview Capital, Delta Dental of California, Accel Partners, Eight Roads Ventures and F-Prime Capital.
The firm had in 2019 raised $28 million in a Series B round from the same set of investors. The Good Methods Global-operated company has raised more than $60 million across multiple rounds so far, a statement said.
The 2015-founded company, the statement said, will use the fresh capital to expand operations, double its workforce and grow its annual revenue four-fold.
With an office in Orlando, Florida, the company said it has doubled its revenue in 2020, without specifying the exact figures, and increased its global workforce from 200 employees at the beginning of the year to its 370 now. A company spokesperson told TechCircle that it looks to cross the $10 million revenue mark this year.
The company, founded by Abilash Krishna and Mark Huzyak, offers enterprise practice management solutions, designed for dental practices. The company claims its flagship solution is a complete clinical and business management platform on the cloud, reportedly managing all major functions of a dental practice.
“CareStack enables offices to move away from the complexities of using multiple fragmented solutions and manage everything through one complete modern dental software. We are relentlessly innovating through frequent software upgrades, growing list of third party integrations and advanced workflow automation capabilities. Our vision is to lead the digital transformation of the dental industry and enable offices to operate at its highest potential,” Krishna said.
“In a short span of time, CareStack has established (itself) as the market leader in dental practice SaaS vertical in North America. This growth is fueled by the passion and commitment of the CareStack team. Accel is excited to be part of it,” Shekhar Kirani, partner at Accel, said.
Earlier this year, dental tech brand Toothsi raised $5 million in Series A funding round.