Bright.md — a Portland startup with Bend connections — announced today that it closed an $8 million Series B funding road. The round was led by B Capital Group, and included additional investment from Seven Peaks Ventures.
Bright.md has developed a virtual care solution that aims to improve healthcare efficiencies and outcomes, while reducing costs for common health conditions. The company caught Seven Peaks attention at the Bend Venture Conference three years ago, when the company pitched on the growth stage. The Bend-based VC firm awarded Bright.md a $100,000 investment as part of the conference. Seven Peaks then subsequently invested in Bright.md’s $3.5 million Series A as well. With the latest funding round the startup has raised $11.5 million.
The funding will support continued market development for SmartExam™, Bright.md’s cloud-based artificial intelligence (AI) software, including new implementations of healthcare delivery systems, increased sales and marketing efforts, expanded client engagements and additional hiring. “It’s exciting to see continued support for our SmartExam AI product from leading venture firms and healthcare systems,” said Ray Costantini, MD, co-founder and CEO of Bright.md. “In just three years, our software has gained great traction, lowering the cost and improving the quality of care. We are already recognized as the market-leading remote care solution. SmartExam is more thorough and evidence-based than other approaches, and reduces the cost of care by guiding patients through personalized questions that provide targeted information for providers to use in their diagnosis and treatment.”
The company also announced today that SmartExam is available to patients in Oregon, through West Coast health system Adventist Health.
Bright.md’s SmartExam acts as a virtual physician’s assistant that enables primary care providers (PCPs) to deliver exceptionally efficient remote care, while cutting costs and improving outcomes, according to the news release. Using SmartExam, patients connect to their own PCPs using a mobile, tablet or desktop device. The intelligent software dynamically interviews patients, using answers to garner more information and support providers in the care delivery process.
Dino Vendetti, managing partner of Seven Peaks, notes:
“We’re amazed at the rapid success Bright.md is attaining in the marketplace, which desperately needs the kinds of tools they’re providing. Their solution brings technology to existing medical systems, improving patient access to physicians through quick virtual visits. This approach results in reduced costs and more personalized care, while freeing up valuable provider time to be spent on complex, problematic cases for both the patient and the provider.”
Adam Seabrook, principal at B Capital Group added, via the news release, that, “SmartExam is being widely used by leading health systems across the United States to address primary care conditions, route higher acuity cases to the appropriate setting and provide surge capacity for urgent care centers – supporting physicians, instead of trying to replace them. Bright.md offers a unique solution to address the large and growing shortage of PCPs, while driving down cost.”uable approach.”
From a health system or large medical group perspective, the ability to rapidly implement SmartExam is also a key point of differentiation, according to Costantini. “We’ve helped multiple health systems go live with a robust set of EMR integrations in just seven or eight weeks,” he said, as a result of the technology’s attributes and the Bright.md support team.
“We built the technology to make the experience delightful for everyone – patients, providers, healthcare administrators and IT teams,” Costantini added. “We are not the typical software vendor. We work with our customers throughout the entire relationship to make sure that they are getting the most value out of the platform. We take that partnership very seriously.”
Bright.md, which launched in early 2014, also announced today that it has raised $8 million in a Series B funding round led by B Capital Group, with participation by Seven Peaks Ventures