Latest Seven Peaks Ventures News
May 28, 2020
What You Should Know: Bright.md closes oversubscribed $16.7 million Series Cfunding, co-led by B Capital, Seven Peaks Ventures and Concord Health Partners bringingin strategic investors including Philips Health Technology Ventures, UnityPointHealth Ventures and Concord Health Partners. Bright.md will use the funds to accelerate market andtechnology expansion of its suite of care-automation solutions, includingSmartExam. Bright.md ,the leading healthcare automation company, announced that it closed Series Cfunding, bringing in strategic investors including Philips Health Technology Ventures , UnityPointHealth Ventures and ConcordHealth Partners , a healthcare-focused investment firm that has partneredwith the American Hospital Association (AHA) on its AHA Innovation DevelopmentFund. Bright.md has raised $16.7 million in its oversubscribed Series C roundco-led by B Capital , Seven Peaks Ventures and Concord Health Partners . The Next Frontier in Healthcare Begins at the VirtualFront Door Co-founded in 2014 by Ray Costantini and MarkSwinth, Bright.md’s SmartExam acts as a virtual physician’s assistant –think of it as the best automated medical resident ever – that enables primarycare providers (PCPs) to deliver exceptionally efficient remote care for morethan 450 low-acuity conditions—the kinds of health issues that make up morethan 60% of primary- and urgent-care visits. The COVID-19 pandemic is shining a spotlight on the need for vibrant telehealth offerings. It has also exposed the limitations associated with video-only solutions. Though video has enabled patients and providers to continue care, video visits still require a scheduled appointment with a doctor, take weeks of provider training to become proficient, and take the same amount of physician time as in-person visits. Providers need to offer a virtual entry point to care, like Bright.md’s SmartExam, which streamlines care delivery across the entire care continuum. SmartExam is the first step along the care pathway. Bright.md’sAI-powered asynchronous virtual care platform enables patients to quickly sharetheir concerns and symptoms with providers, get a diagnosis and treatment, orbe fast-tracked for video, in-person, or specialty care. SmartExam acts like avirtual physician’s assistant, automating 90% of a primary, urgent care, orvideo visit, and reducing average visit time from 20 minutes to under 90seconds. By intelligently and automatically combining patient-intake data,interview information, electronic health records, and clinical-workflowintegration, then creating and entering SOAP notes and structured data into thepatient’s health record, SmartExam boosts provider efficiency 15x and increasesprovider capacity to treat hundreds of patients in a single provider shift. Recent Traction/Milestones Bright.md will use the funding for accelerated market andtechnology expansion of its suite of care-automation solutions, including theiraward-winning flagship product, SmartExam™, a capacity-boosting, AI-powered,asynchronous telehealth platform already deployed in leading hospitals andhealthcare systems across the U.S. and Canada. In the first three months of 2020, Bright.md’s healthcare delivery partners experienced more patient visits than during the 2019 calendar year and supported the evaluation of more than 100,000 COVID-related patient visits. The company currently works with some of the largest health systems to deliver treatment for nearly 500 conditions such as the flu, pediatrics, dermatology, muscular-skeletal, and behavioral health issues. Bright.md integrated coronavirus screening questions into its care platform in January and began offering a free screening tool to hospitals in early March. “Our new strategic investors share Bright.md’s vision to reimagine the way we deliver healthcare, especially in light of COVID-19,” said Ray Costantini, M.D., co-founder and CEO of Bright.md. “The pandemic has provoked a monumental shift in the care delivery and patient-provider experience. There’s no turning back. 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. The capital and insight from our partners will enable us to achieve greater scale more rapidly in this next phase of our growth. We will be able to support more hospital systems in delivering patient navigation, triage, and treatment of low-acuity conditions, while seamlessly escalating those with more serious conditions to a higher level of care. We’ve worked toward this for six years, and I am extremely proud of what the team has accomplished and the high-value strategic partners our progress has attracted.” [ultimatesocial networks="facebook,twitter,google,linkedin,mail" url=""custom_class="us-posts-bottom" align="left" count="false"] Get in-depth healthcare technology analysis and commentary delivered straight to your email weekly
Seven Peaks Ventures Team
4 Team Members
Seven Peaks Ventures has 4 team members, including current Investment Partner, Tom Gonser.