The Series B capital funding will enable tab32 to double its headcount across offices in the U.S. and India, and continue to build up its AI infrastructure for dental intelligence.
tab32 has announced that it closed a Series B round led by Spark Growth Ventures, a technology venture capital firm “on a mission to support gritty and exceptional founders.” According to the company, 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 created a standard model for data storage, sharing, and reporting, giving dental providers and practice administrators a single source of truth for all patient information. Designed with seamless real-time synchronization across all devices and access points, tab32’s platform supports the dental industry’s rapid digital transformation.
In addition to dental practice management software (PMS), tab32 provides 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, the company reported. According to research, up to 20% of dental practices are DSO-affiliated, a proportion that could grow to 65% by 2025. tab32 aims to power 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 is technologically built to streamline 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.
Hem Suri, founder and managing partner of Spark Growth Ventures explained that it’s rare to see a startup achieve rapid and consistent organic growth while maintaining profitability, and considers tab32 to be a true stand-out among the businesses his company has partnered with. The investment firm looks forward to doubling down on its partnership with tab32 as it enter a new phase of rapid growth.
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 research and development to optimize and build out its AI infrastructure for dental intelligence.
“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, chief executive officer 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.”