tab32 Closes Series B Financing to Accelerate Dental CloudTech Transformation
Already profitable for 2 years, tab32 prepares for a new phase of rapid growth
SACRAMENTO, Calif., Aug. 5, 2021 /PRNewswire/ -- tab32, the dental industry's #1 cloud-based, full-service technology platform, today announced closing a Series B round led by Spark Growth Ventures, a leading technology VC firm "on a mission to support gritty and exceptional founders." The fundraising round is the culmination of five consecutive years of 100% year-on-year growth, including two straight years of profitable operations, and comes on the heels of tab32 signing several national dental service organizations (DSOs) as clients.
The new capital will support tab32's continuing commitment to driving technological innovations and enabling the dental industry. The company's cloud-based solution with proprietary Open Data Warehousing™ is the first in the industry to pioneer a standard model for data storage, sharing, and reporting, giving dentists and practice administrators a single source of truth for all patient information. With seamless real-time synchronization across all devices and access points, tab32's platform is a true game changer supporting the dental industry's rapid digital transformation.
Far more than just dental practice management software (PMS), tab32 delivers cloud connectivity and data interoperability tailored to the needs of the $130B Dental Support Organizations (DSOs) space — a fast-growing market now attracting over $1T in private equity investment. Today, up to 20% of dental practices are DSO-affiliated, a proportion that could grow to 65% by 2025. tab32 is powering that transition by enabling DSOs to more effectively serve dozens or even hundreds of dental practices, and provide operational support within a unified cloud platform that streamlines key functions including patient engagement, billing, imaging, and teledentistry.
As dental practices grow and providers grapple with an explosion of patient-related data, tab32's platform also comes with robust machine learning capabilities that provide critical business intelligence. This enables capabilities such as automating workflows ( auto-booking incomplete treatments, for example), conducting multi-location aware analytics on business growth and profitability, and tracking in-depth dental key performance indicators.
"It's rare to see a startup achieve rapid and consistent organic growth while maintaining profitability, and tab32 is a true stand-out among the businesses we've had the opportunity to partner with," said Hem Suri, Founder and Managing Partner of Spark Growth Ventures. "Kiltesh and the tab32 team are pioneers in the dental technology world, which can greatly benefit from cutting-edge digital innovations to drive material improvements in not only patient care but also the business performance of dental practices. We're excited to be doubling down on our partnership with tab32 as they enter a new phase of rapid growth."
"Ever since our founding, we have been laser-focused on solving the pain points facing the dental industry and helping them reap the benefits of the latest cloud technology," said Kiltesh Patel, CEO and co-founder of tab32. "Our growth trajectory and profitability bear testament to the market's huge demand for cloud-based, end-to-end solutions. We're looking forward to continuing to leverage Spark's expertise, experience, and advisory as we continue to expand."
The new funding will enable tab32, which currently has 65 employees, to double its headcount across its offices in the United States and India. The company will also continue to invest in R&D to optimize and build out its AI infrastructure for dental intelligence.
About tab32
Headquartered in Sacramento, California, tab32 is the industry's #1 technology platform for patient-first cloud dental electronic health record software (Dental EHR), Dental Practice Management System (Dental PMS), and Open Data Warehousing™. Providers use tab32 to track 9.3 million appointments, 7.3 million patients, and 100+ million radiology xrays, with 1+ million monthly patient engagements and $375 million of annual revenues flowing through the platform. The all-in-one cloud platform delivers comprehensive and engaging patient experiences through the entire value-chain of care, allowing dental practices to achieve long-term sustainable growth and profitability. With a leadership team of former researchers, data scientists, and engineers from University of California, tab32 has pioneered many first-to-market innovations such as integrated texting, VoIP, e-forms, mobile payments, cloud imaging, and a Standard Model for open data sharing in dental.
About Spark Growth Ventures
Spark Growth Ventures is a community driven, vertical-agnostic technology VC firm with a mission to support gritty and exceptional founders. Headquartered in San Diego, California, SGV invests across the US as well as internationally. The firm looks to create 360° long-term value within its portfolio through active participation alongside the founders, leveraging the multi-faceted experience of its team as well as its global community of high engaged and accomplished 500+ members.
SOURCE tab32
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