Beam Dental, a provider of dental insurance for small and medium-sized businesses, announced it has raised $22.5 million in Series C funding led by Kleiner Perkins. The company will use the funds to expand its data-driven technology platform nationwide from the 16 states in which it currently operates.
Kleiner Perkins’ Lucas Swisher will join Beam’s board of directors.
“There has been little innovation in dental insurance in many years, resulting in a commoditized market,” said Alex Frommeyer, CEO, Beam Dental. “We’re excited to partner with Kleiner Perkins to change the expectations of SMBs all over the country when it comes to accessing affordable dental care with best in class service and support.”
He said that Beam’s platform enables it to consume and segment data from smaller companies to assess underwriting risk and to price premiums better than competitors. The company has automated policy administration—from enrollments to claims processing—to improve customer service.
Beam’s impact on the dental industry also occurs with a subscription service that includes an electric toothbrush, paste, floss, and replacement heads, which are delivered directly to the insurance policy member’s door. The Beam Brush is a sonic toothbrush made available to all members. The company also recently announced a partnership with VSP VisionCare to offer high-quality vision plans as a bundle with its core dental product line.
“Beam’s customer-centric focus at all stages of the value chain—from broker to business to member—is what initially attracted us to the business. They’ve also optimized their cost structure in a unique way using software to automate key parts of the administrative stack. This combination is powerful, enabling Beam to find the right customers and offer them a better experience, often at a lower price,” said Kleiner Perkins’ Swisher.[Native Advertisement]
Kleiner Perkins has invested in over 850 companies, including pioneers such as Google, App Dynamics, Amazon, Flexus Biosciences, Nest, Waze, Twitter, JD.com and Square.
Frommeyer founded Beam Dental with Alex Curry, and Dan Dykes in 2012. The company’s headquarters are in Columbus, Ohio.