US-and India-based CareStack, a cloud-based dental practice management platform, has acquired Kerala-based artificial intelligence (AI) startup Waybeo to transform patient-practitioner communication into healthcare.
However, the company did not disclose the financial terms of the deal.
Founded in 2009 by Krishnan R V, Manu Dev and Bijoy B S, Waybeo specialises in deep AI-based analytics for cloud telephony. It claims to be one of the pioneers in offering comprehensive solutions, including call tracking and analytics, lead response automation, sales call automation and automated voice alerts.
Waybeo claims to have witnessed an average year-on-year growth rate of around 39.42% in the last seven financial years. With a clientele of 56 enterprise customers nationwide, the company’s call-tracking product today serves about 22,000 locations across India.
Waybeo, which counts Airtel among its global investors, has delivered its deep intelligence services and optimising strategies for industry giants such as Royal Enfield, Tata Motors and Honda Cars India.
“Integrating Waybeo’s advanced analytics into our platform is a game-changer. It aligns with our commitment to redefine dental care,” said Abhilash Krishna, chief executive of CareStack.
Krishna added that CareStack is expanding its capabilities and reshaping patient communication, which will also help in transforming dental operations.
Prior to this acquisition, Waybeo had unveiled CS Conversations for CareStack, offering AI-powered call analysis and real-time transcriptions, which had significantly enhanced patient-practitioner communications.
“This acquisition is a strategic move that combines Waybeo’s tech proficiency with CareStack’s market reach,” said Krishnan R V, cofounder and chief executive of Waybeo. “It’s a leap toward advancing patient care standards. We are not just streamlining communication but helping elevate patient care experiences in healthcare facilities.”
Meanwhile, following the acquisition, Waybeo is also looking to expand its footprint in India and international markets. So far, the Thiruvananthapuram-headquartered startup also has a presence in Mumbai.
Besides, It is also eyeing sectors beyond healthcare, such as automobile, consumer durables, insurance, broking and real estate.
The 2015-founded CareStack is a cloud-based dental practice management software dedicated to meeting the comprehensive needs of dental offices, regardless of size. It aims to help grow the dental community including the private practitioners, dental support organisations (DSOs), and dental startups, with its software offerings.
In July last year, CareStack closed a strategic equity investment round from the Swiss dental devices manufacturer Straumann Group. The company had then told Inc42 that it was looking to foray into Singapore and Australia by the end of 2022 and expand further to New Zealand and Spain in 2023.
As per a report, the global dental practice management software market size is estimated to reach $3,455.40 Mn by 2032, growing at a CAGR of 9.7% between 2023 and 2032.
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