Portland, Ore.-based startup Bright.md officially closed a $16.7 million investment round for its AI-powered virtual healthcare service. GeekWire previously reported on the initial Series C funding in March.
Founded in 2014, Bright.md sells software that helps health systems treat patients remotely. Its SmartExam platform gathers information from patients who take surveys, select pharmacies, and enter insurance details. A physician then receives an alert and may suggest treatment based on the patient’s answers within minutes.
Virtual healthcare services such as Bright.md aim to streamline remote communication between doctors and patients. The Kaiser Family Foundation noted today that nearly half of Americans have skipped or delayed medical care due to COVID-19.
“The pandemic has provoked a monumental shift in the care delivery and patient-provider experience. There’s no turning back,” Ray Costantini, co-founder and CEO of Bright.md, said in a statement. “Healthcare will begin at the virtual front door, making healthcare delivery more efficient and allowing patients to get better care and providers to deliver it virtually and expeditiously.”
Bright.md is one of several telemedicine companies attracting investor attention amid the global pandemic and social distancing orders. Venture capital funding in the sector rose 258% year-over-year to $788 million in the first quarter, FierceHealthcare reported. Other Pacific Northwest healthtech startups including 98point6 and MDMetrix also raised funding in recent months.
Usage of Bright.md’s platform this year has already matched patient visits from all of 2019. The company added a COVID-19 evaluation tool to its SmartExam tool as the outbreak began that has helped with more than 100,000 COVID-related patient visits.
Bright.md says its software goes a step further than video-only solutions that still require a scheduled appointment and take the same amount of time as in-person visits.
“SmartExam acts like a virtual physician’s assistant, automating 90% of a primary, urgent care, or video visit, and reducing average visit time from 20 minutes to under 90 seconds,” the company said in a press release.
B Capital, Seven Peaks Ventures and Concord Health Partners co-led the Series C round. Philips Health Technology Ventures and UnityPoint Health Ventures also participated. Bright.md has raised nearly $30 million to date.
