Other investors in the round include MBX Capital, Wami Capital and angel investors – Peyush Bansal & Amit Chaudhary (cofounders, Lenskart), Aakrit Vaish (cofounder and CEO, Haptik), Revant Bhate (cofounder, Mosaic Wellness), Miten Sampat (CSO, Cred), Sambhav Rakhyan (MD, WTW).
The funding also marks the US-based healthcare-focused fund, MBX Capital’s first investment in India. The funding round comes within a year of the company raising a $1 million seed round co-led by Sequoia Capital India and Chiratae Ventures with participation from angels and family offices. Smiles.ai said it will deploy this funding towards expanding its footprint nationally, strengthening the leadership team, and building tech-driven dental care solutions.
Smiles.ai said it uses proprietary technology and expert healthcare professionals to provide access to high-quality and cost-effective dental care products and services. One of the primary focus areas of the company is Invisible Aligner treatment which has emerged as the preferred technology over traditional braces for smile correction.
“India’s dental care market has remained highly fragmented and without any significant technological disruption for decades. However, now with increasing awareness, increasing disposable income and rising millennial aspirations, the industry is going through a transition and we are leading this change in India by combining dental care, operations and technology expertise ” said Hitesh Kakrani, cofounder, Smiles.ai.
“Using technology as a key driver and differentiator, Smiles is poised to disrupt the market and establish itself as a market leader while maintaining its capital efficiency,” said Anirudh Singh, managing director, Alpha Wave Incubation. Lastly, we believe the opportunity here is global and we will work with the company to take them to other markets such as the Middle East and North Africa”.
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