Portland, Oregon-based Bright.md has scored a fresh injection of cash in an $8 million Series B funding round aimed at improving patient care and lowering healthcare costs for clinicians. B Capital Group led the round with participation from return backer Seven Peaks Ventures.
The funding, which was announced on Monday, will go toward market development for Bright.md’s cloud-based artificial intelligence software called SmartExam, including new implementations of healthcare delivery systems, increased sales and marketing efforts, expanded client engagements, and additional hiring.
Dr. Ray Costantini, co-founder and CEO of Bright.md, said SmartExam reduces the cost of care by guiding patients through personalized questions, which in turn provides targeted information for providers they can then use to diagnose and treat.
The software’s development took about three years to complete, since Bright.md’s incorporation in June 2014.
SmartExam is built on an AI platform that uses intelligent learning algorithms. The system gets smarter over time, as it learns more about a specific patient’s health needs and conditions, and gains insights to improve the process with every patient and provider interaction.
“Building on any new software is certainly a challenging process,” said Constantini. “The most interesting part of what we’ve been able to do with our software is having built out the platform in a way that is so scalable. It lets us, in a really seamless way, add in new conditions and grow the platform to support patients and providers. That comes from a unique combination of clinical content and software development.”
The company also announced that SmartExam is available to patients in Oregon, through West Coast health system Adventist Health.
SmartExam acts as a virtual physician’s assistant – an automated medical resident, if you will – that enables primary care providers to deliver efficient remote care while cutting costs and improving…