Portland, Oregon-based Bright.md, a developer of a virtual care solution to improve efficiencies and reduce costs in the delivery of care for non-acute conditions has closed a $3.5 million Series A funding round. Co-founded in 2014 by Ray Costantini and Mark Swinth, Bright.md connects you to your provider from your home or on the go, using your home computer or mobile device. In under an hour, and for less than the cost of a co-payment, you can get treatment from the provider you know and trust.
The capital raised will support continued market development for its healthcare software-as-a-service (SaaS) solution, including new implementations, expanded client engagements and hiring. Oregon Angel Fund led the round, with substantial participation from Seven Peaks Ventures and Stanford-StartX Fund.
“As an early stage company, it’s exciting to see such strong support for our product, which has been underscored by the success of our Series A raise. In addition to the funds we closed, we had more than $1 million of additional investor commitments, and were able to be very selective in our capital strategy,” said Ray Costantini, MD, Co-Founder and CEO of Bright.md. “We’ve attracted a stellar group of early-stage investors to help us take a more aggressive approach. Their support helps us capitalize on the accelerated market momentum we’re seeing, including expansion of our initial implementations and the addition of multiple, exciting new clients.”
Bright.md SmartExam Platform
Bright.md’s SmartExam acts as a virtual physician assistant that enables primary care providers to deliver remarkably efficient remote care. With SmartExam, patients connect to their own primary care providers using their home computer or mobile devices to quickly receive high-quality, evidence-based online care at a fraction of the cost of an in-person visit. Implementations of SmartExam have produced impressive results, enabling providers to improve efficiency by 90 percent, while improving per-visit margins by 5x. For physicians, the diagnosis, treatment and documentation of a patient’s SmartExam visit takes less than two minutes, compared to the 20-minute average for office visits.
