Beam Dental, a Columbus, Ohio-based dental benefits provider, has raised US$55 million in a Series D financing.
The round was led by Canadian growth equity firm Georgian Partners, with participation from existing investor Drive Capital.
Founded in 2012, Beam provides employers with an end-to-end digital solution for dental insurance. It streamlines and automates lengthy, manual processes, such as providing quotes, enrollment and claims.
Beam will use the funds raised to accelerate growth and develop new product offerings, which will include investments in machine learning and conversational artificial intelligence.
Beam Dental Secures $55 Million Financing Round led by Georgian Partners
COLUMBUS, Ohio (May 29th, 2019) – Beam Dental, the country’s fastest growing dental benefits provider, today announced it has raised $55 million in Series D funding led by Georgian Partners. The round also features participation from existing investor Drive Capital.
“Beam’s focus on delivering a market leading customer experience and their innovative use of technology and data is unique in the industry.” said Tyson Baber, Partner, Georgian Partners “We’re thrilled to be partnering with Beam as they continue to innovate and accelerate their growth in the dental insurance market.”
Beam Dental was founded in 2012 by three engineers who saw a need to close the gap for the 100 million Americans without dental insurance. They saw that by creating an end-to-end digital experience for dental insurance, they could use data to provide individualized quotes to small and medium employers who were overlooked by incumbents. Beam streamlines and automates lengthy, manual processes such as providing quotes, enrollment, and claims.
Beam’s core philosophy is that better preventive dental care results in fewer costly interventions over time. This is enabled by Beam Perks, a semi-annual subscription service included for all Beam members that consists of a connected toothbrush – the Beam Brush, paste, floss and refill heads. The Beam Brush aggregates brushing engagement data which is used for premium discounting at the employer’s renewal.
Beam already offers its dental plans alongside vision insurance in partnership with VSP in 27 states and expects to be able to reach more than 90% of the US population by the end of 2019.
“At Beam, we believe that we offer the best experience for employers and their dental care needs,” said Alex Frommeyer, CEO, Beam Dental. “We’re excited to join the Georgian portfolio, which will be integral to us delivering on our mission and continuing our trajectory.”
Beam will use the funding to further accelerate its market expansion and to develop new product offerings. Beam Dental and Georgian Partners are both investing deeply in machine learning and conversational AI and believe that trust, data security and privacy are crucial to long-term success. The funding brings Beam Dental’s total equity raised to $80M.
About Beam Dental
Beam Dental was built around the idea that blending technology with traditional insurance policies could bring incredible value to a commoditized employee benefits market. Beam Dental is a company’s best choice for a differentiated, innovative take on dental and ancillary employee benefits with a nationwide network of dentists. For more information, visit beam.dental.
About Georgian Partners
Georgian Partners is a thesis-driven growth equity firm investing in business software companies leveraging applied artificial intelligence, trust and conversational AI. Founded by successful entrepreneurs and technology executives, Georgian Partners leverages its global software expertise to directly impact the success of companies. For more information, visit www.georgianpartners.com.