BrightInsight, which makes a toolkit and dashboard for digital medical devices and therapeutics focused on compliance with international regulations around healthcare, has raised $40 million in its latest round of financing, the company said.
Insight Partners led the new financing, which will be used to finance the company's expansion into European and Asian markets, according to a statement.
Part of the money will also be used to increase the company's development of pre-built software tools to speed up the development of digital clinical trials, the company said.
BrightInsight now counts among its customers some of the largest pharmaceutical and medical device companies in the world, including AstraZeneca and CSL Behring.
As a result of the investment, Peter Sobiloff, a managing director at Insight Partners, will take a seat on the company's board of directors.
“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," said Sobiloff in a statement. "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.”
The funding for BrightInsight comes as digital therapeutics and connected medical devices are becoming increasingly important to patients in a world where telemedicine has become a necessity. Healthcare providers around the world are turning to digital tools as a way to comply with social distancing guidelines implemented to halt the spread of COVID-19.
The healthcare industry had begun advocating for greater use of tele-medical and remote diagnostics capabilities even before the pandemic swept through the world earlier this year, but now patients are opting for the services themselves as a way to protect against spreading infection.
It's in this new world of healthcare that services which help companies adhere to regulatory guidelines and provide windows into how these tools are being used by patients become more important.
“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," said Justin Butler, partner, Eclipse Ventures, in a statement. "BrightInsight has built the leading platform for enabling these digital experiences, and we’re proud to be supporting them."