US-based dental insurance provider Bento has obtained $8.1m in a new Series A funding round led by Schooner Capital.
The fundraising round also saw the participation of York IE Capital and present investor of the company Companyon Ventures.
Bento has developed a technology-driven platform that is designed to integrate consumers, employers and associations with dentists and dental service providers.
The platform aims to provide improved oral health aids by offering simple processes and overhead, replacing complicated traditional insurance procedures.
Bento plans to use the newly secured fund to accelerate the growth of its app.
The company also seeks to utilise the fund to bolster its sales across the US in a bid to provide patients with accurate oral health care services in a transparent and efficient manner.
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Bento founder and CEO Ram Sudireddy said: “We are very pleased to announce this new funding and welcome Schooner Capital and York IE as investors alongside Companyon Ventures, bringing the total capital raised to $19m.
“This investment is validation of Bento’s mission to democratise care in the light of inequities and disparities today.
“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.”
Bento noted that its patented AI-driven solution is in use by around 100,000 dentists in the US. The solution has 360,000 access points across the country.
Schooner Capital representative Orhan Gazelle said: “It’s quite clear that the traditional dental insurance industry is mired in inefficiency and the time is ripe for change and transformation.
“We are thrilled to lead Bento’s Series A round. Bento has the vision and proven leadership to reimagine oral health care benefits and brings welcome change to an outdated industry, which drove our decision to invest.”
Established in 1971, Schooner Capital facilitates investment activities for private companies and public securities.