Dental software startup CareStack raises funding from Straumann Group
- ByStartupStory | July 14, 2022
The Swiss dental device manufacturer Straumann Group has finalised a strategic equity investment round and a business relationship with India- and US-based cloud dental software startup CareStack. As of yet, no deal value has been announced. Currently, CareStack provides services to more than 1,000 dental offices in the US. It intends to use the additional funding to carry out its plans to digitise 10,000 dentist clinics over the course of the following five years.
Following the cooperation, the two businesses will collaborate to build software products across all customer categories and expand internationally, allowing them to penetrate further geographically. By the end of 2022, the startup, according to Varun Nelson, co-founder and general manager of CareStack’s operations in India and the US, plans to expand to Singapore and Australia. The firm plans to grow in Spain and New Zealand the following year. The pipeline for CareStack also includes expansion into additional nations, including the UK and Canada.
CareStack was founded in 2015 with the goal of expanding the dentistry industry through its software solutions, including private practitioners, dental support organisations (DSOs), and dental startups. It provides dental clinics with a cloud-based software solution that, according to the firm, streamlines operations, enhances staff productivity, elevates patient connections, and hastens the growth and financial success of the company.
Abhi Krishna, CEO of CareStack, stated in a statement that “our customer traction to date shows that the industry is ripe for digital change and we will continue to invest in our people, products, and customers to create a better future for dentistry.”
By creating new demand, addressing opportunities in the current patient cohorts, and maintaining clinical excellence, CareStack thinks that its partnership with Straumann Group can assist oral health providers to unleash additional growth potential. According to a recent analysis by Research and Markets, the market for cloud-based dental practice management software is anticipated to develop at a compound annual growth rate (CAGR) of 11.18 per cent between 2022 and 2030, reaching a value of $1.5 Bn.
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