Bright.md Closes on $3.5 Million Series A Round

Funding to Support Expansion of Virtual Healthcare Solution That Delivers Significant Efficiency, Savings and Improved Patient Care


PORTLAND, OR--(Marketwired - Jul 21, 2015) - 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.

"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," said Ray Costantini, MD, Co-Founder and CEO of Bright.md. "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," Costantini said. "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."

Investor Quotes

"Bright.md is a rare and exciting case of the right people with the right idea at the right time," said Eric Rosenfeld, founder of Oregon Angel Fund. "For the first time in health care history, there's an alignment of payers, providers and patients, all looking for a platform like Bright.md. Just a few years ago, a service like Bright.md would not have made sense -- the technology and the market conditions simply did not exist. Today, thanks to the company's innovative leadership, they are able to drive real change in the healthcare industry."

"We're continually impressed by Bright.md's traction in the market and where that trajectory is headed," said Dino Vendetti, managing partner at Seven Peaks Ventures. "New models for healthcare reimbursement are accelerating technology adoption, and the opportunity is wide open for solutions that can impact the bottom line for providers, while delivering patients quality care. Early implementations of Bright.md's solution demonstrate positive financial and clinical impacts for both providers and patients. With this funding, the team can pick up the pace as it engages with some of the top healthcare providers nationwide." 

"The Stanford-StartX Fund is very excited to support Bright.md. Bright.md has developed technology that improves the healthcare experience for patients and providers while lowering costs and ensuring high quality outcomes," said Suzanne Fletcher, fund manager at the Stanford-StartX Fund. "Ray and Mark Swinth have been a very valuable part of the StartX founder community since their participation in the Spring 2015 StartXMed program. We look forward to their continued success."

About Bright.md
Bright.md is transforming health care through innovation with a seamless software solution that cuts the cost of health care visits by 80 percent. Its virtual care solution automates care and communication between physician and patient for faster, more convenient diagnosis and treatment. Bright.md, founded in 2014, is venture-backed and based in Portland, Ore. For more information, visit bright.md.

About Oregon Angel Fund (OAF)
Founded in 2007, OAF is a community supported, professionally managed, investor driven angel fund backed by the leaders of Oregon's business, technology, and entrepreneurial communities. The fund's largest investors include the State of Oregon, the Oregon Community Foundation, and the Meyer Memorial Trust. OAF invests $10 million annually in the most promising startups and early-stage growth companies in Oregon and SW Washington. Over 1,900 jobs have been created by the 40 companies in the portfolio. For more information please visit: www.OregonAngelFund.com

About Seven Peaks Ventures
Seven Peaks Ventures is Oregon's premier early-stage venture capital fund investing in capital-efficient companies whose founders are passionate about transforming lives, industries and businesses with innovative solutions in data, mobile, and cloud technologies. Founded in 2013, Seven Peaks' mission is to give entrepreneurs throughout the Pacific Northwest an "unfair advantage" in building and scaling their businesses by providing them with capital and access to experience, expertise and networks that can help them execute on their vision. For more information, visit www.sevenpeaksventures.com.

About Stanford-StartX Fund
The Stanford-StartX Fund was created by StartX, Stanford University and Stanford Hospital & Clinics to help support the entrepreneurial endeavors of Stanford students, faculty, alumni and staff.

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