US-based health technology developer Bright.md secured $16.7m of series C funding on Wednesday from backers including electronics and medical equipment manufacturer Philips and healthcare provider UnityPoint Health.
B Capital Group, a venture capital firm sponsored by management consultancy Boston Consulting Group, co-led the round with healthcare investment firm Concord Health Partners and VC fund Seven Peaks Ventures.
Philips and UnityPoint invested through respective corporate venturing vehicles Philips Health Technology Ventures and UnityPoint Health Ventures, while Concord did so through AHA Innovation Development Fund, a joint vehicle formed with non-profit trade organisation American Hospital Association.
Founded in 2014, Bright.md has developed a care automation system in a bid to improve telehealth adoption at health facilities. The series C cash will go to enhancing its market share and technology offerings, including its artificial intelligence-equipped remote care platform, SmartExam.
B Capital had already led Bright.md’s $8m series B round in 2017, investing alongside Seven Peaks. The latter had also participated in the company’s $3.5m series A round two years before, which was led by Oregon Angel Fund and backed by Stanford-StartX Fund.
Seven Peaks and Oregon Angel had previously supplied $1m of seed capital for Bright.md in 2014 together with Portland Seed Fund.
