The San Jose, CA-based company continues the trend of digital health companies raising significant funding in financing rounds.
BrightInsight, a provider of digital health, has raised $101 million in a series C round. The San Jose, CA-based company has developed a digital health platform for the biopharma and medtech industries.
This funding will enable BrightInsight to accelerate its growth as it continues to expand its team, further differentiate its proven platform technology and support its customers’ digital health product launches globally.
The series C included strong participation from existing investors including Insight Partners, New Leaf Venture Partners, and Eclipse Ventures, which invests in the digital transformation of essential industries
BrightInsight and its biopharma clients launched three digital health products across various therapeutic areas. These include a high-risk Class C Software as a Medical Device (SaMD) algorithm, a rare disease patient support app, and as announced earlier this month with AstraZeneca, a regulated chronic disease management platform that includes a patient app and provider portal that integrates patient and provider user data into the clinical workflow.
Kal Patel, MD, CEO and Co-founder of BrightInsight spoke on why investors were attracted to the company.
“Firstly, I think it speaks to the substantial progress we’ve made in a short amount of time …,” Patel told MD+DI. “The second thing it speaks to is a massive market opportunity. I think the investors have recognized the future for biopharma and medical device companies is not traditional analog and not digital and shiny objects. It’s digital being incorporated into therapy and the device itself.”
