Funding will be used to improve the technology behind the product and hire additional employeesRead more...
The company also added Dan Goldsmith, CEO of Tendo Systems, to its board
Over the last year, COVID made digital health a necessity across aspects of the space; most notably that was in the delivery of care, with companies embracing telemedicine, but even in spaces that may seem less obvious, such as clinical trials, it became critical to be able to do the work without being face-to-face.
Medtech and biopharma companies were not immune to this, even though those are two spaces that have lagged behind in the effort to become fully digitized, largely due to the cost, time, and regulatory issues associated with launching a medical device or a new drug.
Lucky for them, they have BrightInsight, a platform that is designed to help companies in those spaces launch regulated digital health products, including connected combination products, SaaMD, apps. On Tuesday, the company announced a Series C financing of $101 million.
The round, led General Catalyst, along with participation from existing investors, including Insight Partners, New Leaf Venture Partners and Eclipse Ventures, brings BrightInsight's total raised to $166 million, following a $40 million round this past June. The company is now valued at $750 million, according to Bloomberg.
Launched in 2018, BrightInsight's platform includes features such as connected combination products and medical devices, algorithms, Software as a Medical Device (SaaMD), dosing calculators, and apps, all of which are designed to make it faster, and cheaper, for its customers to digitize.
BrightInsight currently works with the world’s largest biopharma and medtech companies, such as Novo Nordisk, AstraZeneca, Roche and CSL Behring.
For example, BrightInsight worked with Roche to develop a digital dosing calculator to treat patients with Hemophilia A, while Novo Nordisk has partnered with the company to develop innovative solutions for diabetes patients. AstraZeneca, meanwhile, selected the BrightInsight Platform to support their digital health solutions at scale while maintaining compliance with privacy, security and regulatory requirements.
Over the last year, BrightInsight has launched three digital health products, including a high-risk Class C Software as a Medical Device (SaMD) algorithm, and a rare disease patient support app. Most recently, the company partnered with AstraZeneca earlier this month for the AstraZeneca AMAZE Platform, which "aims to improve outcomes in patients by providing an end-to-end digital solution closing the gap between patient and providers across multiple chronic conditions including asthma, COPD, heart failure, chronic kidney disease, and diabetes," the company wrote in the announcement.
BrightInsight plans to use the new funding to expand its team, as well as to continue to invest in productizing its platform. The company also plans to continue to expand globally, specifically across the Americas, China and other Asian markets.
Along with the funding, BrightInsight unveiled a slew of new board members and advisors.
That includes Dan Goldsmith, CEO of Tendo Systems, a developer of wireless temperature and humidity monitoring and alarm systems, has joined the Board of Directors at BrightInsight; Goldsmith had previously been serving as an advisor to the company.
IN addition, Hemant Taneja, Managing Director at General Catalyst, is joining the company in a capacity that is being described as "a close advisor to BrightInsight," while Dr. Jeffrey Leiden, Executive Chairman of Vertex Pharmaceuticals, has joined the BrightInsight Advisory Council, where he will "provide strategic and operational counsel to support and accelerate the company’s continued growth in order to meet the increased demand for its regulated platform."
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