San Jose, Calif.-based BrightInsight plans to use the money to advance the platform’s performance and accelerate global sales efforts for it, according to a news release. New Leaf Venture Partners and Eclipse Ventures co-led the round.
The BrightInsight IoT platform is designed to enable regulated drug-device combinations, devices and software as medical devices (SaMDs) to obtain and analyze data and deploy regulated recommendations and insights back to patients and providers.
The company said it also intends to further integrate its platform into the broader healthcare ecosystem, including electronic health records (EHRs), payers’ systems and disease management programs.
“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,” BrightInsight CEO and co-founder Dr. Kal Patel said. “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.”
“It’s clear that digital technologies are critical to transforming the healthcare system,” added New Leaf Venture Partners managing director Vijay Lathi. “We believe that BrightInsight will be a central piece in that transformation by enabling biopharma and medtech companies to deploy clinically impactful digital health solutions that have the potential to improve the quality of patient care while also reducing costs.”
FLEX shares were up +5.2% at $10.32 in early-afternoon trading.