Dental supply provider Torch Dental announced a $28 million Series B round with the goal to digitize the billion-dollar dental supply chain.
Bringing its total funding to $40 million, the new investment will help dental practices across the United States streamline and digitize their supply order and back-office operations, moving away from the manual process of buying and tracking dental supplies with limited price transparency.
“We’re motivated to help dentists discover, order and pay for everything they need to run their practice. It’s rare to find an opportunity to accelerate the transition from analog to digital in such a large and important supply chain,” Khaled Boukadoum, co-founder and Torch Dental board member, said in a Monday (July 17) press release.
Torch offers their customers custom dashboards to discover new products, manage existing supply preferences, easily centralize ordering, and control spend by getting high-quality products at fair prices. The team is also using artificial intelligence to drive more supply chain efficiencies and better serve customers in their mission of transitioning the space from analog to digital.
Torch Dental is now partnered with over 2,000 dental practices and supported by industry experts and entrepreneurs, including the former CEOs of Dentsply Sirona, the founders of Toast, the former COO of Yelp, and the CEO of Haveli Investments.
Last year, PYMNTS reported that the dental sector is going big on buy now, pay later (BNPL), with more than 500 dental practices adopting the solution to offer their patients financing that is accessible, fair, fast and transparent.
At the time, Sunbit vice president of dental Jay Letwat said there was a need for such an offering because millions of Americans, including those with private dental insurance face coverage caps, are forced to choose between paying out-of-pocket or declining essential care when facing dental expenses that are often unexpected.
This aligns with PYMNTS research findings which has shown that BNPL applications in the healthcare space are shaping up to be one of the most effective treatments for the high cost of healthcare.