BrightInsight to scale its medical IoT ecosystem with $40M Series B

The company will be expanding its global team and fleshing out its medical device and software data management platform.
By Dave Muoio
01:49 pm
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BrightInsight, which offers a platform that secures, manages and analyzes medical device and software data, has announced $40 million in Series B funding. Insight Partners headlined the raise, which also featured Series A investors New Leaf Venture Partners and Eclipse Ventures.

WHAT THEY DO

BrightInsight – a part of electronics manufacturing services firm Flex – sees itself acting as the infrastructure of a digital health ecosystem. Launched in 2018, its Internet of Things platform brings together assorted digital health products and services so that providers, biopharmas or other healthcare organizations can more easily manage their data. In addition to aggregating these disparate data, the platform integrates with EHRs and other IT systems while driving high-level analytics with a selection of dashboards monitoring clinical data, patient engagement and more.

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The announcement highlights two new high-profile customers for the company: AstraZeneca and CSL Behring.

WHAT IT'S FOR

“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,” Dr. Kal Patel, CEO and cofounder of BrightInsight, said in a statement.

In addition to fueling the growth of its worldwide team, BrightInsight said it will be expanding its platform with more analytics functionalities and the launch of pre-built software assets for digital clinical trials.

MARKET SNAPSHOT

As more organizations look to integrate devices and software into their operations, a handful of startups and vendors are looking to help handle those data. Alongside BrightInsight, Validic offers a data ecosystem platform for healthcare customers, while Evidation Health's digital-health data management and analysis service targets those conducting research.

ON THE RECORD

“The life sciences industry has been a laggard in terms of digitization due to a number of factors, including complex regulatory, security and privacy requirements," Peter Sobiloff, managing director at Insight Partners, said in a statement. "BrightInsight has emerged as the clear technology and execution leader in a market that is growing rapidly, and its expanding list of enterprise customers validates biopharma and medtech companies’ need for a regulated underlying platform to support their new digital health offerings. We're excited to work closely with the team as they enter this monumental phase of growth and push the industry towards more personalized and enhanced care.”

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