The company has also added Dan Goldsmith, CEO of Tendo Systems, to its board
Over the past year, COVID has made digital health a necessity for all aspects of space. This has mostly been done with the delivery of personal care products where companies are committed to telemedicine, but even in areas that seem less obvious, such as health and safety. In clinical studies, for example, it became crucial to be able to do the work without personal collaboration.
Medtech and biopharmaceutical companies have not been immune to this, although these are two areas that have lagged behind in the pursuit of full digitization, mainly due to the cost, time, and regulatory issues associated with launching a medical device or drug are.
Fortunately, they have BrightInsight, a platform designed to help companies in these areas adopt regulated digital health products, including SaaMD apps for connected combination products. On Tuesday, the company announced $ 101 million in Series C financing.
The General Catalyst-led round and the participation of existing investors including Insight Partners, New Leaf Venture Partners and Eclipse Ventures bring BrightInsight to $ 166 million after a round from $ 40 million last June. The company is now valued at $ 750 million, according to Bloomberg.
Launched in 2018, the BrightInsight platform includes features like connected combination products and medical devices, algorithms, medical device software (SaaMD), dosing calculators and apps, all designed to make digitizing faster and cheaper for their customers.
BrightInsight currently works with the world’s largest biopharmaceutical and medical technology companies such as Novo Nordisk, AstraZeneca, Roche and CSL Behring.
For example, BrightInsight worked with Roche to develop a digital dose calculator for treating patients with haemophilia A, while Novo Nordisk worked with the company to develop innovative solutions for diabetes patients. Meanwhile, AstraZeneca has chosen the BrightInsight platform to support its digital health solutions on a large scale while ensuring compliance with data protection, security and regulatory requirements.
In the past year, BrightInsight launched three digital health products, including high-risk Class C software as a SaMD (Medical Device) algorithm and an app to support rare disease patients. Most recently, earlier this month, the company partnered with AstraZeneca for the AstraZeneca AMAZE platform, which “aims to improve patient outcomes by delivering an end-to-end digital solution that bridges the patient-provider gap across multiple chronic conditions , including asthma and COPD, includes heart failure, chronic kidney disease and diabetes, “the company wrote in the announcement.
BrightInsight plans to use the new funds to grow its team and continue to invest in productizing its platform. The company also plans to continue expanding globally, particularly in the Americas, China and other Asian markets.
Along with the funding, BrightInsight introduced a number of new board members and consultants.
These include Dan Goldsmith, CEO of Tendo Systems, a developer of wireless temperature and humidity monitoring and alarm systems who has joined BrightInsight’s board of directors. Goldsmith previously served as a consultant to the company.
In addition, Hemant Taneja, General Catalyst General Manager, will join the company in what has been referred to as a “close advisor to BrightInsight” while Dr. Jeffrey Leiden, Executive Chairman of Vertex Pharmaceuticals, has joined BrightInsight’s advisory board where he will “provide strategic and operational advice to support and accelerate the company’s continued growth to meet increased demand for its regulated platform.”