Financing led by Insight Partners, the premier global investor in scaling enterprise software companies, with participation from Series A investors, New Leaf Venture Partners and Eclipse Ventures
BrightInsight, provider of the leading global regulated digital health platform for biopharma and medtech, announced a Series B funding round of $40M led by global venture capital and private equity firm, Insight Partners, with participation from Series A investors, New Leaf Venture Partners and Eclipse Ventures.
The significant funding will fuel extraordinary growth for BrightInsight as it continues to scale its team and platform to meet customer demand.
This financing will enable BrightInsight to achieve significant scale by accelerating team growth and international availability and enhancing the already robust BrightInsight Platform. Specifically, the funding will be used to grow BrightInsight’s teams around the world, including establishing a new regional Customer Delivery Center in London to support its European clients. As all its customers operate around the world, BrightInsight will continue to execute on its international expansion plan in China and other Asian markets. The funding will also enable BrightInsight to invest more in its analytics functionalities to enable its customers to drive more valuable insights faster, and to launch new pre-built software assets that will allow its customers to enhance and accelerate their digital clinical trials.
“This Series B will enable significant growth and rapid scaling for BrightInsight at a pivotal time for our company. As we continue to grow our customer base and projects, this latest funding will be used to expand our company’s footprint globally so we can be closer to our customers,” said Kal Patel, MD, CEO & Co-Founder, BrightInsight. “The investment from Insight Partners, an active investor in the Software as a Service (SaaS) space, as well as returning investors Eclipse Ventures and New Leaf Venture Partners, further validates our approach of providing the underlying technology so that our biopharma and medtech clients can concentrate on bringing new treatment innovations to market to transform patient outcomes.”
Since launching the BrightInsight™ Platform in 2018, the Company has quickly established itself as the de facto underlying digital health infrastructure for the world’s top biopharma and medtech companies. Even amidst the COVID-19 pandemic, BrightInsight has continued to expand its business across current customers, including the addition of two new customers, AstraZeneca and CSL Behring. By accelerating time to market and ensuring ongoing regulatory, security and privacy compliance, BrightInsight enables biopharma and medtech companies to launch regulated digital health products, including connected combination products, Software as a Medical Device, apps, and more, quickly and confidently.
Insight has direct experience working with companies in the pharmaceutical space through its Series A investment in Medidata. Peter Sobiloff, Insight Partners Managing Director, led the firm’s investment in Medidata in 2004 and was on the board through IPO. He will now be joining the BrightInsight 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 Peter Sobiloff, Managing Director, Insight Partners. “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.”
BrightInsight’s Series A investors, top healthcare firm, New Leaf Venture Partners, and top technology firm, Eclipse Ventures, both participated in this Series B round. Flex remains an investor in the Company.
“Since our Series A investment, BrightInsight has proven the importance of its platform to the healthcare industry, and has executed exceptionally well through challenging circumstances,” said Vijay Lathi, Managing Director, New Leaf Venture Partners. “The Series B recognizes those achievements and provides the capital to fully realize the company’s potential.”
“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. “BrightInsight has built the leading platform for enabling these digital experiences, and we’re proud to be supporting them.”
Source: Company Press Release