- BrightInsight, a provider of the leading global regulated digital health platform for biopharma and medtech, announced that it raised $40 million
BrightInsight, a provider of the leading global regulated digital health platform for biopharma and medtech, announced that it raised $40 million in Series B funding led by Insight Partners with participation from New Leaf Venture Partners and Eclipse Ventures.
This round of funding will drive growth for BrightInsight as it continues to scale its team and platform to meet customer demand. And this funding will enable BrightInsight to achieve a significant scale by accelerating team growth and international availability and enhancing the already robust BrightInsight Platform.
Plus 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. And as all of its customers operate around the world, BrightInsight will continue to execute on its international expansion plan in China and other Asian markets.
This round of 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.
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. And 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.
Insight is known for having direct experience working with companies in the pharmaceutical space through its Series A investment in Medidata. And Insight Partners Managing Director Peter Sobiloff led the firm’s investment in Medidata in 2004 and was on the board through IPO. Sobiloff will now be joining the BrightInsight Board of Directors.
“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. 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.”
– Kal Patel, M.D., MBA, CEO & Co-Founder at BrightInsight
“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. 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.”
– Peter Sobiloff, Managing Director at Insight Partners
“Since our Series A investment, BrightInsight has proven the importance of its platform to the healthcare industry, and has executed exceptionally well through challenging circumstances. The Series B recognizes those achievements and provides the capital to fully realize the company’s potential.”
– Vijay Lathi, Managing Director, New Leaf Venture Partners
“The demand for healthcare at the edge is growing rapidly. Moreover, connecting digital experiences with therapeutics is delivering real value across the healthcare value chain — not the least of which is providing better patient outcomes. BrightInsight has built the leading platform for enabling these digital experiences, and we’re proud to be supporting them.”
– Justin Butler, Partner at Eclipse Ventures