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Telemental well being firm Brightside Well being introduced it raised $33 million {dollars} in Sequence C funding powered by healthcare-focused enterprise capital agency S32.
Kennedy Lewis, Time BioVentures, and 23andMe founder Anne Wojcicki participated within the spherical. Current buyers ACME, Mousse Companions and TriVentures additionally contributed.
The corporate confirmed the $33 million elevate in an e-mail to MobiHealthNews. The Sequence C spherical brings the corporate’s whole elevate to $100 million.
The San Francisco-based firm additionally added former Optum Behavioral Well being Options CEO Journey Hofer to the corporate board of administrators.
Hofer serves on the board of a number of well being corporations, together with digital care supplier Ophelia and digital cardiac follow Heartbeat Well being.
WHAT IT DOES
Brightside Well being offers take care of individuals affected by anxiousness, gentle to extreme medical despair and different temper problems by means of its Disaster Care psychiatry platform.
The corporate leverages a machine-learning algorithm to guage a person and help suppliers in tailoring therapy to that particular person.
This funding spherical might be utilized by the corporate to develop into new markets.
“We’re thrilled to announce this elevate and concurrently welcome Journey, an unbelievable trade thought chief, to assist propel Brightside Well being into the following section of our development. These main steps ahead allow us to speed up our growth into Medicare, Medicaid and past, whereas deepening our benefit with expertise and AI to ship the most effective outcomes within the trade,” Brad Kittredge, cofounder and CEO of Brightside Well being, mentioned in a press release.
“This funding aligns with our continued give attention to capital-efficient enterprise worth creation, placing us on a cushty path to profitability whereas additional advancing our objectives and mission.”
MARKET SNAPSHOT
The telehealth firm raised $50 million in Sequence B funding in 2022. It garnered $24 million in Sequence A funding the 12 months earlier than.
In February, Brightside introduced new Medicare and Medicaid partnerships with CareOregon, Blue Defend of California, Blue Cross and Blue Defend of Texas and Centene.
With the partnerships, Brightside Well being will be capable of serve 50 million extra Medicare and Medicaid beneficiaries. Companies will cowl sufferers in Arizona, California, Delaware, Florida, Texas, Michigan, North Carolina, New York, Oregon and Illinois.
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