US-based digital dental insurance provider Beam Dental has secured $80m in a series E round that included insurer Nationwide Insurance.
Traverse, a fund managed by growth equity firm Mercato Partners, led the round investing together with business finance provider Breakout Capital and venture capital firms Drive Capital and Georgian.
Founded in 2012, Beam provides dental insurance products through a digital platform that uses artificial intelligence technology for its underwriting. The company also offers a smart toothbrush that connects to an app and enables customers to earn lower insurance rates.
Beam’s services are available in 41 US states and its insurance is accepted at more than 400,000 access points across the country.
The capital injection will enable the business to expand its product offering and enter into new markets.
Alex Frommeyer, CEO and co-founder of Beam, said: “At Beam, our vision is to modernise dental insurance by making it simpler and more intelligent.
“Our dental offering completely changes the way employers of all sizes think about dental wellness, by encouraging their employees to take better care of their teeth and making it easier to take a more proactive role in their dental care.”
Beam has raised $160m of funding to date, including $55m raised in a series D round led by Georgian and featuring Drive Capital in May 2019. Kleiner Perkins led a $22.5m Series C round for the company in 2018.
Drive Capital also participated in a $5.5m series B round for Beam led by Lewis & Clark Ventures in 2017, after leading the business’ $5m series A round in 2014.
Beam also received $430,000 of funding from undisclosed investors in October 2012, following $100,000 of equity and convertible notes eight months earlier, according to regulatory filings.