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Telemental well being firm Brightside Health introduced it raised $33 million {dollars} in Collection C funding powered by healthcare-focused enterprise capital agency S32.
Kennedy Lewis, Time BioVentures, and 23andMe founder Anne Wojcicki participated within the spherical. Current traders ACME, Mousse Companions and TriVentures additionally contributed.
The corporate confirmed the $33 million elevate in an electronic mail to MobiHealthNews. The Collection C spherical brings the corporate’s complete 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 firms, together with digital care supplier Ophelia and digital cardiac observe Heartbeat Health.
WHAT IT DOES
Brightside Well being gives look after individuals affected by nervousness, delicate to extreme medical despair and different temper issues via its Disaster Care psychiatry platform.
The corporate leverages a machine-learning algorithm to judge a person and help suppliers in tailoring therapy to that individual.
This funding spherical can 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 subsequent part 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 an announcement.
“This funding aligns with our continued deal with capital-efficient enterprise worth creation, placing us on a snug path to profitability whereas additional advancing our objectives and mission.”
MARKET SNAPSHOT
The telehealth firm raised $50 million in Series B funding in 2022. It garnered $24 million in Series 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. Providers will cowl sufferers in Arizona, California, Delaware, Florida, Texas, Michigan, North Carolina, New York, Oregon and Illinois.
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