The Financing will Fuel BrightInsight’s Hypergrowth as a Global Regulated Digital Health Platform for Biopharma and Medtech
BrightInsight, Inc., provider of the leading global regulated digital health platform for biopharma and medtech, today announced a Series C financing of $101M led by world-renowned venture capital firm General Catalyst. This funding will enable BrightInsight to accelerate its hypergrowth 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, a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies, New Leaf Venture Partners and Eclipse Ventures, bringing the total raised to $166M.
BrightInsight continues to cement its position as the leading global regulated digital health platform for biopharma and medtech. Over the last year alone, 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.
BrightInsight helps break down the silos that exist in today’s fractured healthcare system. The platform ensures that data is compliant, accessible and actionable across the healthcare ecosystem—enabling its customers to drive better outcomes, develop more personalized therapies, improve provider-patient engagement, and improve speed-to-market of life enhancing and life-saving therapies.
This latest round of financing enables BrightInsight to further invest in productizing the platform with robust, turnkey software modules that reduce customization for its customers. BrightInsight also plans to continue to grow its team across all departments, invest in customer success and expand the global availability of its platform across the Americas, China and other Asian markets.
“This financing led by General Catalyst not only validates the market need for a global digital health platform for biopharma and medtech, but it also reinforces the tremendous progress we have made in the past year,” said Kal Patel, MD, CEO & Co-Founder, BrightInsight. “Our Series C round will enable BrightInsight to continue our hypergrowth, and to support the development and launch of game-changing digital health solutions for our customers.”
“We believe Brightinsight can redefine biopharma and medtech’s approach to regulated digital health by providing the underlying platform technology to build and scale their programs,” said Hemant Taneja, Managing Director, General Catalyst. “Kal and the leadership team are addressing a pressing need and delivering a real benefit: allowing their customers to bring transformative digital health solutions to market more quickly and seamlessly.”
Taneja, who led the Series C deal, will be a close advisor to BrightInsight and will bring invaluable experience to the team as it scales. General Catalyst was an early investor in both fin-tech SaaS platform Stripe and digital health giant Livongo (co-founded by Taneja) which recently had the largest digital health exit in history at $18.5 Billion.
Dan Goldsmith, CEO, Tendo Systems, former CEO, Instructure, and former Chief Strategy Officer, Veeva, who had been serving as an advisor to BrightInsight, will join the BrightInsight Board of Directors.
BrightInsight is also bringing on an additional advisor to its recently established BrightInsight Advisory Council. Dr. Jeffrey Leiden, Executive Chairman of Vertex Pharmaceuticals, will join the Advisory Council to 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.