We have very exciting news to share today! Archy has raised $10 million in new funding, co-led by Bessemer Venture Partners and CRV with additional participation from Alven, NKM Capital, Adapt Ventures, 2.12 Angels, Diagram Capital, Somrat Niyogi, Instacart CEO Fidji Simo, former Uber CTO Thuan Pham, among others. With this new funding, our team will be able to grow, scale and bring Archy to tens of thousands of dentists across the US.
Just a few years ago, I was at Uber alongside my now Archy co-Founders – Ben Kolin and Nimish Sheth. While working full-time, I was also moonlighting as a dental assistant, office manager, and IT manager at the dental practice of my wife, Dr. Christine Liu. Having been a Product Manager at companies like Uber and Facebook, I was appalled by the insufficient tools Christine and her team had to use everyday. We both would consistently spend evenings and weekends catching up on work that couldn’t be completed within the day. I knew there had to be a better way, and Ben and Nimish agreed.
Dentists are unsung heroes among doctors in America. Tooth pain is actually described as one of the worst physical pains, ranked right up there with broken bones and kidney stones. But what many don’t know is that dentists are suffering, too. Among the 200,000 dental practices in the US, roughly 80% of them are run by dentists who, in addition to spending all hours of the day in a dental chair, have to simultaneously run a small business, managing patients, their practice, and employees. The tragedy here is that the software options available to them leave them in a constant state of chronic pain. That is until today, with the launch of Archy.
Archy is an all-in-one patient, practice, and employee management system for dental entrepreneurs who commonly lose up to 15% of their bottom line to inefficient and archaic software. Our north star is to close this gap.
By being cloud-based, Archy more effectively protects practices from ransomware attacks, as well as save them not only tens of thousands of dollars on servers, but also hundreds of dollars each month in IT fees required for server maintenance and software upgrades. We’ve deliberately made Archy super easy to use. You’ll just know what to do because it’s that intuitive. The opposite is true for the most widely used programs that look as though they haven’t been updated in more than 30 years. Outdated and incomplete, alternative programs require practices to subscribe to no less than five software programs to manage their practice. By being a true all-in-one, Archy saves not only time, but also thousands of dollars each year in unnecessary subscription costs.
Archy also increases a practice’s collection rate with immediate collections, which is not the norm among dentists who still bill mainly with paper. When was the last time you ever received a paper bill? Archy safely collects and vaults patient card details, making secure digital payment fast and easy. These features plus our real-time reporting and easy-to-read dashboards ensure no payment or invoice is left behind.
With my incredible co-founders and investors, Archy has been able to hire a world class team of engineers and operators that hail from companies like Uber, Facebook, Google, Amazon, NASA, and more.
It’s still early days, but the practices and dentists we’ve onboarded so far have been pleasantly surprised by how much Archy has already changed their business in a short amount of time. With new funding, our pace has only accelerated, and we couldn’t be more excited for our future.