Beam Dental, a Columbus, Ohio-based provider of dental insurance for small and medium-sized businesses, 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.
Founded by Alex Frommeyer, Alex Curry, and Dan Dykes in 2012, Beam aims to transform the $78 billion dental insurance market by providing a better service experience for the entire benefits ecosystem: brokers, businesses, and members. Beam has rebuilt the dental insurance model with a customer-first focus.
Beam's platform enables it to consume and segment a business' data to assess underwriting risk and price premiums better than its competitors. The company has automated critical pieces of policy administration — from enrollments to claims processing — to improve the speed and efficiency of its customer service.
"There has been little innovation in dental insurance in many years, resulting in a commoditized market," said Frommeyer, CEO of 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."
Beam Dental, Ohio, Investment, Funding, Growth, Dental, Insurance, SME, Kleiner Perkins, Technology, Innovation, US