BrightInsight's medical IoT ecosystem raises $25M Series A

The round was co-led by New Leaf Venture Partners and Eclipse Ventures.
By Dave Muoio
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BrightInsight, maker of a platform that securely manages and analyzes data from various medical devices and software, has raised $25 million in Series A funding. The round was co-led by New Leaf Venture Partners and Eclipse Ventures.

WHAT THEY DO

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

“Since the launch in 2018, our BrightInsight Platform has become the leading global regulated digital health platform for the world’s top biopharma and medtech companies,” Dr. Kal Patel, CEO and cofounder of BrightInsight, said in a statement. “Our investors have strong pedigrees in healthcare as well as software and technology, which clearly validates our success thus far. This financing enables us to continue to invest in our differentiated platform while also integrating our solutions into the broader healthcare ecosystem globally.”

WHAT IT’S FOR

More specifically, BrightInsight said in its announcement that this new round will help the company beef up the functionality of its platform as well as its commercialization efforts. In addition, BrightInsight is seeking to further its integration with EHRs, payers and disease management platforms.

MARKET SNAPSHOT

Data platforms like BrightInsight’s take several different shapes and serve many different business focuses, but by and large there’s a growing emphasis among these vendors on connectivity with a broad range of devices, sensors and software. Examples of these include Validic’s healthcare data ecosystem platform and Evidation Health's health research-focused service.

ON THE RECORD

“Bringing healthcare to the edge will revolutionize patient care. While personalized medicine has long promised to deliver life-changing results, there has been limited adoption due to the lack of a secure, regulated infrastructure,” Justin Butler, partner at Eclipse Ventures, said in a statement. “The medical-grade BrightInsight Platform will accelerate a new class of regulated therapies — from Software as a Medical Device to connected drugs and devices — delivering improved patient outcomes and experiences.”