Bright.md, developer of a virtual care solution to improve efficiencies and reduce costs in the delivery of care for non-acute conditions, today announced that it has closed a $3.5 million Series A funding round. These funds will support continued market development for its healthcare software-as-a-service (SaaS) solution, including new implementations, expanded client engagements and hiring. Oregon Angel Fund led the round, with substantial participation from Seven Peaks Ventures and Stanford-StartX Fund.
Ray Costantini, MD, Co-Founder and CEO of Bright.md., shared:
“As an early stage company, it’s exciting to see such strong support for our product, which has been underscored by the success of our Series A raise. In addition to the funds we closed, we had more than $1 million of additional investor commitments, and were able to be very selective in our capital strategy. We’ve attracted a stellar group of early-stage investors to help us take a more aggressive approach. Their support helps us capitalize on the accelerated market momentum we’re seeing, including expansion of our initial implementations and the addition of multiple, exciting new clients.”
Bright.md’s SmartExam acts as a virtual physician assistant that enables primary care providers to deliver remarkably efficient remote care. With SmartExam, patients connect to their own primary care providers using their home computer or mobile devices to quickly receive high-quality, evidence-based online care at a fraction of the cost of an in-person visit. Implementations of SmartExam have produced impressive results, enabling providers to improve efficiency by 90 percent, while improving per-visit margins by 5x. For physicians, the diagnosis, treatment and documentation of a patient’s SmartExam visit takes less than two minutes, compared to the 20-minute average for office visits.
“We’re really accelerating our cadence as we move into this next phase of development. Bright.md has already received national recognition as a leader in healthcare automation and telehealth for our SmartExam offering. We’ll demo our solution at Health 2.0 this fall, and are looking forward to exciting announcements enabled by this funding.”
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