July 5, 2022

News of the Trade

Latest trading, investing, and financial news

Pediatric mental health startup Brightline raises $105M and more digital health fundings

Pediatric behavioral health company Brightline raised a whopping $105 million, pushing its valuation to $705 million, according to reporting by Bloomberg

The round was led by KKR & Co., with participation from existing investors, including GV, Optum Ventures, Oak HC/FT Partners Threshold Ventures and Blue Cross Blue Shield of Massachusetts. CEO Naomi Allen told Bloomberg it would use the funding for staffing and to broaden its offerings. 

The latest raise comes less than a year after it announced it had brought in $72 million in Series B funding. 

Digital mental health startup Brightside Health scooped up $50 million in a Series B financing round led by ACME Capital and Mousse Partners.

The latest round includes participation from existing investors Bullpen Capital, Triventures and Trousdale Ventures, and brings the company’s total raise to $75 million. Brightside also raised a $24 million Series A last year. 

The startup offers medication treatment and virtual therapy for anxiety and depression. Users first fill out an assessment and then meet with a provider for weekly sessions or a prescription evaluation. Patients can also text their providers outside of weekly video calls. 

“This new capital will help us grow our team from 57 to an expected 175 employees this year, and further enhance our platform and partnerships to expand access to more individuals,” Brightside CEO Brad Kittredge said in a statement. 

“Because we stand behind the quality and accountability of our care model, we are happy to put our dollars behind delivering the best possible outcomes and open up the path to true value-based care in mental health. Together, we can treat depression and anxiety in an approachable, affordable way and positively change lives.”

Imaging artificial intelligence company Qure.ai raised $40 million in a funding round led by Novo Holdings and HealthQuad with participation from existing investor MassMutual Ventures.

The AI startup said it would use the influx of capital to develop new products focused on critical care and community diagnostics, and to strengthen its global presence, particularly in the U.S. and Europe. Qure already has a few FDA 510(k) clearances. Most recently, it got the green light for its algorithm that assists providers in placing breathing tubes. 

Last month, the company brought in £3.2 million from SBRI Healthcare to study AI-aided lung cancer diagnosis. 

“Every year our technology helps more than four million people across 50 countries. Our goal is to continue being bullish in our market expansion, especially in the U.S. and Europe. We are committed to aiding healthcare professionals in diagnosing illnesses faster and with more detail and accuracy while automating most of the routine work,” CEO and founder Prashant Warier said in a statement.

“This is a win for all involved in healthcare, especially for patients across the globe who will benefit from vastly improved health outcomes.”

Virtual specialty care platform AmplifyMD scored $23 million across Series A and seed funding rounds. The Series A was led by F-Prime Capital, while the seed was led by Forerunner Ventures and Greylock.

The startup plans to use the funding to work with more hospitals and continue to build out their platform. 

“Imagine having to drive over an hour to get care or needing to be transferred – whether in the midst of a pandemic or not – when you are already at your most vulnerable state,” cofounder and CEO Meena Mallipeddi said in a statement.

“Our remote specialty care platform solves this problem, and that’s before we even discuss the clinical and financial benefits to the hospitals and the healthcare systems overall, as reduced transfers and better on-site care translate to millions in top and bottom line annually.”

London-based healthcare staffing company Lantum scored $15 million in funding, according to TechCrunch. The round was led by Finch Capital, with participation from Piton Capital, Samos and strategic investor Cedars-Sinai.

The startup works with the U.K.’s National Health Service, helping to connect healthcare facilities in need of support with providers looking for work. According to an interview with CEO and founder Melissa Morris, the platform also helps organizations to move staff around as different facilities face shortages.

The funding will go toward hiring new staff and building new tools in the U.K., as well as an expansion into the U.S. market.