When it comes to planning a visit to the dentist or doctor, one of the largest difficulties is locating a provider that takes your insurance before you secure an appointment. In aims to modernize the insurance process, Boston-based Bento is bringing artificial intelligence technology to the sector.
On Tuesday, Bento pulled in $8.1 million in a Series A funding round led by Schooner Capital with participation from York IE Capital and Investor Companyon Ventures. Bento’s technology helps users locate oral health offices, like dentists and orthodontists, that accept their insurance. According to a company statement, the platform is used by approximately 100,000 dentists across the country and can lower patient care costs by 30 percent.
“This investment is validation of Bento’s mission to democratize care in the light of inequities and disparities today,” Ram Sudireddy, Bento CEO and founder, said in a statement. “The need for digital access and transparency has never been greater and Bento is at the forefront of a seismic shift in the way dental benefits are administered and delivered. We are thrilled to be a pioneer for change and technological innovation in the dental benefit industry.”
With its new capital, Bento will advance its app and focus its expansion on a nationwide sales effort.
“It’s quite clear that the traditional dental insurance industry is mired in inefficiency and the time is ripe for change and transformation,” Orhan Gazelle, an associate principal at Schooner Capital, said in a statement. “We are thrilled to lead Bento’s Series A round. Bento has the vision and proven leadership to reimagine oral healthcare benefits and brings welcome change to an outdated industry, which drove our decision to invest.”
