A Scottsdale startup has raised fresh capital to drive the next phase of growth for its conversational AI platform for the dental industry.
Peerlogic closed a $5.65 million seed round led by AZ-VC with participation from In Revenue Capital, Cervin Ventures, Singularity Capital, and Revere Partners.
"This substantial investment from esteemed investors underscores our robust growth strategy and our unwavering commitment to delivering state-of-the-art AI technology,” Ryan Miller, CEO and co-founder of Peerlogic, said in a statement. “With this funding, we are poised to accelerate our growth, introduce innovative products, and reinforce our leadership in the dental industry."
Peerlogic’s AI-powered conversational platform helps dental offices leverage custom call data to improve business performance. Its platform processes data points captured from human speech to gain information on customers’ needs.
“We'll identify if you’re a new patient and when did you input scheduling with the practice? If you didn't schedule, why didn't you schedule? Did you achieve what you were looking to do? How was the empathy of the front office?” Miller told AZ Inno.
From there, Peerlogic provides that information to dental practices as “actionable insights,” he said.
The new investment specifically will be pivotal in scaling Peerlogic’s products, enhancing its large language model and developing advanced call analytics and engagement tools, according to the company.
“We believe the combination of Peerlogic’s leading product and exceptional team has positioned themselves as pioneers in dental technology and primed themselves for category leadership in the industry,” Ashok Santhanam, venture partner at AZ-VC, said in a statement. “AZ-VC is thrilled to partner with Peerlogic, whose business model fits perfectly with the AZ-VC thesis that AI-based vertical SaaS applications are not only the future but are tailor-made for Arizona’s strengths.”
Miller said the new funding will also go toward increasing the company’s workforce from 27 people to 60 in the coming year.
Peerlogic saw 1,200% revenue growth in a year
The CEO was inspired to launch Peerlogic after working for Scottsdale-based cloud communications company Nextiva.
“I was always amazed at how awesome Nextiva was at converting leads,” Miller said. “They use Gong, Salesforce and their own in-house data science groups, and they were remarkably efficient at leads that came in and went out.”
In addition, Miller’s wife, Kristen, works in the dental industry and the couple would have discussions about dental offices’ approach for revenue generation and sales, he said.
Miller found that several dental practices were spending around $25,000 a month to drive new patient growth but it was unclear who oversaw that revenue, Miller said.
In 2020, Miller co-founded Peerlogic with Alex Maskovyak and Ana Tomboulian.
Since then, Peerlogic continues to gain significant market traction for its platform, experiencing more than 1,200% in revenue growth from 2022 to 2023 and now services more than 1,000 dental offices in the country.
“We are going to continue our growth and we’re looking to grow 400% to 600% this year,” Miller said, referring to the company’s revenue. “Additionally, we’ll continue to hire great talent in Arizona.”
