Telemental well being firm Brightside Health 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 traders ACME, Mousse Companions and TriVentures additionally contributed.
The corporate confirmed the $33 million elevate in an electronic mail to MobiHealthNews. The Sequence 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 corporations, together with digital care supplier Ophelia and digital cardiac apply Heartbeat Health.
WHAT IT DOES
Brightside Well being supplies look after individuals affected by anxiousness, delicate to extreme scientific despair and different temper problems by way of its Disaster Care psychiatry platform.
The corporate leverages a machine-learning algorithm to judge a person and help suppliers in tailoring remedy to that individual.
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 unimaginable trade thought chief, to assist propel Brightside Well being into the subsequent section of our progress. These main steps ahead allow us to speed up our growth into Medicare, Medicaid and past, whereas deepening our benefit with know-how and AI to ship the very best outcomes within the trade,” Brad Kittredge, cofounder and CEO of Brightside Well being, stated in a press release.
“This funding aligns with our continued deal with capital-efficient enterprise worth creation, placing us on a cushty path to profitability whereas additional advancing our targets 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 yr earlier than.
In February, Brightside introduced new Medicare and Medicaid partnerships with CareOregon, Blue Protect of California, Blue Cross and Blue Protect of Texas and Centene.
With the partnerships, Brightside Well being will have the ability to serve 50 million further Medicare and Medicaid beneficiaries. Providers will cowl sufferers in Arizona, California, Delaware, Florida, Texas, Michigan, North Carolina, New York, Oregon and Illinois.
