BrightInsight, a digital health platform that captures, transmits and analyzes data from connected medical devices and apps, raised $40 million in Series B funding.
Insight Partners, a venture capital and private equity firm, led the financing round, which will expand the company’s business footprint in China and other Asian markets. Series A investors, New Leaf Venture Partners, and Eclipse Ventures also participated in the latest financing round.
BrightInsight counts AstraZeneca and CSL Behring among its customers.
As part of the investment, Peter Sobiloff, Managing Director at Insight Partners, will now be joining the BrightInsight board of directors.
“The life sciences industry has been a laggard in terms of digitization due to a number of factors, including complex regulatory, security and privacy requirements,” said Peter Sobiloff. “BrightInsight has emerged as the clear technology and execution leader in a growing market, and its expanding list of enterprise customers validates biopharma and medtech companies’ need for a regulated underlying platform to support their new digital health offerings. We’re excited to work closely with the team as they enter this monumental phase of growth and push the industry towards more personalized and enhanced care.”
According to the company, the funds will also be invested in analytics functionalities to enable customers to drive more valuable insights faster, and to launch new pre-built software assets that will allow our customers to enhance and accelerate their digital clinical trials.
The BrightInsight IoT platform uses software and services to capture, transmit and analyze data from regulated medical devices, apps software as a medical device, and combination products in compliance with global security, privacy, and regulatory requirements.
“The demand for healthcare at the edge is growing rapidly. Moreover, connecting digital experiences with therapeutics is delivering real value across the healthcare value chain – not the least of which is providing better patient outcomes,” said Justin Butler, Partner, Eclipse Ventures. “BrightInsight has built the leading platform for enabling these digital experiences, and we’re proud to be supporting them.”
Founded in 2017, the San Jose, California-based company has raised over $65 million to date, including a $25 million Series A round in 2019.