CareStack Completes $16M Financing

CareStack, a cloud-based technology platform for the dental industry, today announced it has completed $16 million in funding led by Accel, F-Prime Capital Partners, and Eight Roads Ventures. The company will use the funding to expand its unique cloud-based platform that is helping dental practices across the United States better connect patients, employers, and dentists. F-Prime Capital Partners' Partner Carl Byers has joined CareStack's Board of Directors along with Accel Partner Shekhar Kirani.

The Company also announced it has opened a new technology development office in the Cambridge Innovation Center, based in Cambridge, Massachusetts. This new office will help support CareStack's existing global operations as well as bolster current product development projects and scale professional services capabilities.

"CareStack is helping dental practices across the country gain better control of their operations, which is leading to better patient care. We are excited to partner with leading firms like Accel, F-Prime Capital Partners, and Eight Roads Ventures, along with our existing investors, as we continue to expand the development of our cloud-based enterprise platform and grow our network of dental practices using the platform," said Ben Walling, Chief Product Officer of CareStack. "In addition, the opening of our new development office at the Cambridge Innovation Center will help us better streamline our current product development and utilize emerging technologies like artificial intelligence, machine learning, and data science for applications specific to the dental industry."

CareStack's flagship solution is a sophisticated cloud-based platform that allows dental practices to better manage their clinical, financial, and administrative workflows. Today, hundreds of dental practices use CareStack to increase practice productivity, minimize costs, and improve patient dental care. The Company's platform leverages strong analytic capabilities, allowing clients to better understand their business operations while also enabling them to view patients' complete dental health history and up-to-date treatment records at any location.

"CareStack is bringing innovative and powerful cloud-based technology solutions to the market to address the unique challenges of multi-site dental practices. With less than 20 percent of dental practices in the cloud today, CareStack's platform represents a transformation of what is possible for these customers," said Byers, who served as the Chief Financial Officer of athenahealth (NASDAQ: ATHN) prior to joining F-Prime Capital Partners in 2012. "As a Boston-based investment firm, we are also thrilled CareStack will join the area's growing health technology community with the opening of their office at the Cambridge Innovation Center."

About CareStack:

CareStack's mission is to give dental healthcare practitioners greater understanding and control over their fiscal health using cloud-based technology. CareStack is a unique enterprise practice management solution designed for dental practices allowing them to run more efficient operations and deliver better patient dental care. To learn more, please visit www.carestack.com.