SAN FRANCISCO–(BUSINESS WIRE)–Archy, an all-in-one payments and management platform that powers an entire dental practice, today announced it is emerging from stealth with $10 million in new funding. The round was co-led by Bessemer Venture Partners and CRV, with additional participation from Alven, Nurzhas Makishev, Adapt Ventures, 2.12 Angels, Diagram Collective, Somrat Niyogi, Instacart CEO Fidji Simo, former Uber CTO Thuan Pham, among others. The company will use the funding to continue its hiring efforts, fuel its research & development plans, and scale marketing campaigns.
Every year, nearly 200,000 dental offices in the US currently lose an average of 15 percent of their bottom line due to outdated, clunky software that forces practice owners to spend on expensive servers, utilize several different software subscriptions, and puts practices at risk of cyber attacks.
Archy’s mission is to continue building and scaling a comprehensive cloud-based dental practice management software platform that combines all the core features practice owners need, including patient engagement, payroll, practice management software, imaging, analytics, and payment processing — entirely eliminating the need for practices to cobble together fragments of software that only do a handful of these functions.
“Software has historically been a universal pain point for dental teams and we’re proud that Archy is leading the way in closing that gap,” said Jonathan Rat, Founder and CEO of Archy. “We’ve intentionally built Archy to have an intuitive design and user friendly approach so that dental practice owners can spend less time doing clerical work and more time serving their patients. This new funding will allow us to continue getting the word out to dental practices that there is a better solution on the market for those wanting to save money, have deeper patient engagement, access to useful analytics, and more.”
Founded by Rat and his team, several of whom led the Uber team who built the payment platform and tipping functionality , Archy’s longterm vision is to expand existing capabilities of the platform and enable an ecosystem of third party applications. By partnering closely with an advisory board comprised of leading dentists with more than 80 years of experience, Archy plans to eventually explore features like teledentistry, AI / machine learning for claims and more, and inventory management.
“Archy is building an integrated software suite for dental practices who have been underserved for decades by clunky fragmented point solutions,” said Kent Bennett, partner at Bessemer Venture Partners. “There’s a massive opportunity to automate business operations with modern software and enable dentists to focus on what they do best – patient care. We look forward to partnering with Jon and team as they make operating a dental practice a lot easier.”
“Archy has been invaluable for my dental practice,” said Dr. Trisha Patel, owner of Signature Smiles, based in Madison, MS. “With Archy, managing my practice has never been easier. The platform has made running a business easy, seamless, and more importantly, has only positively impacted our bottom line.”
Archy is currently free for dental startups until they reach 500 patients. The service then charges a flat fee per office once the practice reaches a paid status, meaning a practice can have unlimited providers and administrative team members without having to pay more. Archy always includes unlimited logins, text messaging, data storage, and free payroll processing, no matter how many operators the practice has.
To learn more and sign up today, visit www.archy.com.