In a significant move aimed at enhancing patient-practitioner communication in healthcare, CareStack, a US-and India-based cloud-based dental practice management platform, has acquired Kerala-based artificial intelligence (AI) startup Waybeo. The acquisition brings together Waybeo’s tech proficiency in deep AI-based analytics for cloud telephony with CareStack’s expansive market reach, setting the stage for a transformative impact on dental operations.
Founded in 2009 by Krishnan R V, Manu Dev, and Bijoy B S, Waybeo has established itself as a pioneer in AI-driven analytics for cloud telephony. Offering solutions such as call tracking, lead response automation, sales call automation, and automated voice alerts, Waybeo has achieved an impressive year-on-year growth rate of approximately 39.42% over the last seven financial years. The company’s call-tracking product currently serves about 22,000 locations across India, catering to 56 enterprise customers.
CareStack’s acquisition of Waybeo aligns with its commitment to redefine dental care by integrating advanced analytics into its platform. Abhilash Krishna, Chief Executive of CareStack, commented, “It’s a game-changer. We are expanding our capabilities and reshaping patient communication, ultimately elevating patient care experiences in healthcare facilities.”
Waybeo had previously introduced CS Conversations for CareStack, featuring AI-powered call analysis and real-time transcriptions, enhancing patient-practitioner communications significantly. The acquisition reinforces the strategic synergy between Waybeo’s technological expertise and CareStack’s widespread market presence.
Following the acquisition, Waybeo aims to extend its footprint in both Indian and international markets, exploring sectors beyond healthcare, including automobile, consumer durables, insurance, broking, and real estate. The Thiruvananthapuram-headquartered startup already has a presence in Mumbai and is poised for further expansion.
CareStack, founded in 2015, is a cloud-based dental practice management software designed to meet the comprehensive needs of dental offices, regardless of size. The company’s strategic equity investment round in July last year, backed by Swiss dental devices manufacturer Straumann Group, positioned it for global expansion. The dental practice management software market is anticipated to reach $3,455.40 million by 2032, growing at a CAGR of 9.7% between 2023 and 2032.
