Startup in Portland, Oregon Bright.md has officially completed a $ 16.7 million investment round for its AI virtual health service. GeekWire previously reported the first Series C funding in March.
Bright.md was founded in 2014 and sells software that enables healthcare systems to treat patients remotely. The SmartExam platform collects information from patients who conduct surveys, select pharmacies, and enter insurance details. A doctor then receives a warning and can propose treatment based on the patient's answers within minutes.
Virtual health services like Bright.md aim to optimize long-distance communication between doctors and patients. The Kaiser Family Foundation Today it was found that almost half of Americans skipped or delayed medical care due to COVID-19.
“The pandemic has brought about an enormous change in the care and experience of patients and care providers. There is no going back. " Ray Costantini, Co-founder and CEO of Bright.md, said in a statement. "Healthcare will start at the virtual front door, making healthcare more efficient, providing patients with better care, and enabling providers to deliver them virtually and quickly."
Bright.md is one of several telemedicine companies that are attracting investors' attention given the global pandemic and social distance. Venture capital funding in this sector increased 258% year over year to $ 788 million in the first quarter. FierceHealthcare reported. Other health tech startups in the Pacific Northwest, including 98point6 and MDMetrix, have also raised funds in recent months.
Use of the Bright.md platform this year has already seen patient visits throughout 2019. The company added a COVID-19 evaluation tool at the start of the outbreak on his SmartExam tool, which has helped with more than 100,000 COVID-related patient visits.
According to Bright.md, the software goes one step further than pure video solutions, which still require a scheduled appointment and which take as much time as personal visits.
"SmartExam behaves like a virtual medical assistant who automates 90% of a primary, emergency or video visit and reduces the average visit time from 20 minutes to less than 90 seconds," says a company press release.
B Capital, Seven Peaks Ventures and Concord Health Partners jointly led the Series C round. Philips Health Technology Ventures and UnityPoint Health Ventures also participated. Bright.md has raised nearly $ 30 million to date.