BrightInsight, an IoT platform that captures, transmits, and analyzes data from connected medical devices and apps, announced a Series C financing of $101 million led by venture capital firm General Catalyst.
The company’s existing investors, including Insight Partners, New Leaf Venture Partners, and Eclipse Ventures, also participated in the funding round.
Including the latest funding round, BrightInsight has raised $166 million to date. BrightInsight says the new funding will accelerate its growth and support its customers’ digital health product launches globally.
Earlier this month, BrightInsight announced a partnership with biopharmaceutical company AstraZeneca, which will use BrightInsight technology to build a platform called Amaze that captures patient data and provides updates clinicians.
With the latest round of financing, BrightInsight also plans to grow its team across all departments, invest in customer success, and expand its platform across the Americas, China, and other Asian markets.
According to BrightInsight, its regulated IoT digital health BrightInsight platform for biopharma and medtech captures, transmits, and analyzes data from connected medical devices and surgical equipment, combination products, apps, digital therapeutics, and software as a medical device.
The data aggregate data from multiple sources can be integrated with electronic health records and other IT systems, the company said.
“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.”
Hemant Taneja, Managing Director, General Catalyst, said: “We believe BrightInsight can redefine biopharma and med techs approach to regulated digital health by providing the underlying platform technology to build and scale their programs. 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.”
Digital Health companies raised $14.8 billion in 2020, a 66% increase compared to $8.9 billion in 2019. Learn more about digital health funding activity.