What You Should Know:
– BrightInsight, provider of the leading global regulated digital health platform for biopharma and medtech, today announced a Series B funding round of $40 million, led by global venture capital and private equity firm, Insight Partners.
– Already the partner of choice to four global pharmaceutical leaders—AstraZeneca, Roche, CSL Behring, and Novo Nordisk—the Series B financing will enable BrightInsight to speed up hiring, expand its global footprint and add functionality to its regulated digital health platform as it continues to grow its customer base.
BrightInsight, Inc., provider of the leading global regulated digital health platform for biopharma and medtech, today announced a Series B funding round of $40M led by global venture capital and private equity firm, Insight Partners, with participation from Series A investors, New Leaf Venture Partners and Eclipse Ventures. The significant funding will fuel extraordinary growth for BrightInsight as it continues to scale its team and platform to meet customer demand.
Global Regulated Digital Health Platform for Biopharma and Medtech
Founded in 2018, BrightInsight provides the leading global regulated digital health platform for biopharma and medtech. Every line of code of our BrightInsight Platform is built under a Quality Management System to support and optimize regulated drugs, devices, and software through integrated data and actionable insights. The Platform can enable our customers to drive increased patient adherence and engagement across therapeutic areas, with active projects in diabetes, respiratory, oncology, ophthalmology, obesity, hematology, immunology, neurology, and more. The BrightInsight™ Platform uses software and services to capture, transmit and analyze data from CE-marked and FDA-regulated medical devices, combination products, apps, and Software as a Medical Device, in compliance with global security, privacy, and regulatory requirements. Deployed as a managed service, the platform accelerates time to market for biopharma and medtech companies, reduces the cost of implementation and maintenance versus a custom solution, and scales across products and global markets.
Since launching the BrightInsight™ Platform in 2018, the Company has quickly established itself as the de facto underlying digital health infrastructure for the world’s top biopharma and medtech companies. Even amidst the COVID-19 pandemic, BrightInsight has continued to expand its business across current customers, including the addition of two new customers, AstraZeneca and CSL Behring. By accelerating time to market and ensuring ongoing regulatory, security and privacy compliance, BrightInsight enables biopharma and medtech companies to launch regulated digital health products, including connected combination products, Software as a Medical Device, apps, and more, quickly and confidently.
International Expansion Plans
This financing will enable BrightInsight to achieve significant scale by accelerating team growth and international availability and enhancing the already robust BrightInsight Platform. Specifically, the funding will be used to grow BrightInsight’s teams around the world, including establishing a new regional Customer Delivery Center in London to support its European clients. As all its customers operate around the world, BrightInsight will continue to execute on its international expansion plan in China and other Asian markets. The funding will also enable BrightInsight to invest more in its analytics functionalities to enable its customers to drive more valuable insights faster, and to launch new pre-built software assets that will allow its customers to enhance and accelerate their digital clinical trials.
“This Series B will enable significant growth and rapid scaling for BrightInsight at a pivotal time for our company. As we continue to grow our customer base and projects, this latest funding will be used to expand our company’s footprint globally so we can be closer to our customers,” said Kal Patel, MD, CEO & Co-Founder, BrightInsight. “The investment from Insight Partners, an active investor in the Software as a Service (SaaS) space, as well as returning investors Eclipse Ventures and New Leaf Venture Partners, further validates our approach of providing the underlying technology so that our biopharma and medtech clients can concentrate on bringing new treatment innovations to market to transform patient outcomes.”