Bright.md, the developer of a virtual physician assistant that helps with diagnosis and treatment of common health concerns, raised $16.7 million in its oversubscribed Series C round co-led by B Capital, Seven Peaks Ventures, and Concord Health Partners.
Strategic investors, including Philips Health Technology Ventures, UnityPoint Health Ventures, and Concord Health Partners, also participated in the financing round.
The company plans to use the new funds to accelerate the market and technology expansion of its suite of care-automation solutions.
According to the company, its telehealth platform is used by hospitals and healthcare systems across the U.S. and Canada. The company provides treatment for nearly 500 conditions, such as the flu, pediatrics, dermatology, muscular-skeletal, and behavioral health issues.
In the first three months of 2020, the company saw more patient visits than during the 2019 calendar year and supported the evaluation of over 100,000 COVID-related patient visits.
“Providers across the country have witnessed a decline in ambulatory visits as a result of shelter-in-place orders. At the same time, other systems are overrun with COVID-19 patients,” said Ray Costantini, M.D., co-founder and CEO of Bright.md. “In one region, clinicians are being furloughed, and in other systems, they are being pushed beyond capacity. SmartExam gives providers the necessary support they will need to help triage and treat and offers patients a digital entry point to help them efficiently navigate the system in an environment where many fear doctor visits because of exposure to COVID-19. The coronavirus has only expedited a trend in care delivery that has been underway for nearly a decade.”
Since launching in 2014, Bright.md has raised $40 million. Earlier this year, the company raised $8 million from B Capital and Seven Peaks Ventures.
Telehealth service providers raised $930 million in Q1 2020, according to Mercom Q1 2020 Digital Health Funding Report. Recently Swedish telemedicine company Doktor.se has raised $50 million in a funding round.
Image credit: Bright.md