Brightside Health, a leading telemental health company based in San Francisco, has secured $33 million in Series C funding in a round led by healthcare-focused venture capital firm S32. Kennedy Lewis, Time BioVentures, and Anne Wojcicki, the founder 23andMe, also participated in this latest funding round. Existing investors ACME, Mousse Partners, and TriVentures joined in; showcasing continued confidence in Brightside Health’s mission and potential.
With this infusion of capital, Brightside Health’s total raised funds now stand at an impressive $100 million. This significant investment underscores the growing demand and recognition of the importance of mental health services, especially in telehealth.
Brightside Health specializes in providing care for individuals suffering from anxiety, depression, and other mood disorders through its Crisis Care psychiatry platform. Central to its approach is using a machine-learning algorithm to assess individuals and aid healthcare providers in delivering personalized treatment plans.
In addition to securing funding, Brightside Health has expanded its leadership team by appointing Trip Hofer, the former CEO of Optum Behavioral Health Solutions, to its board of directors. Hofer’s wealth of experience in the healthcare industry and his strategic insights are expected to propel Brightside Health’s growth trajectory further.
Brad Kittredge, the cofounder and CEO of Brightside Health, expressed excitement about the recent funding round and the addition of Hofer to the board. He emphasized the company’s commitment to leveraging technology and AI to deliver optimal patient outcomes while expanding its reach into new markets, including Medicare and Medicaid.
Brightside Health’s strategic partnerships with significant healthcare players such as CareOregon, Blue Shield of California, Blue Cross Blue Shield of Texas, and Centene means it is well poised to cater to a larger audience. These partnerships enable Brightside Health to extend its services to an additional 50 million Medicare and Medicaid beneficiaries across multiple states, including Arizona, California, Delaware, Florida, Texas, Michigan, North Carolina, New York, Oregon, and Illinois.
This $33 million Series C funding marks another significant milestone for Brightside Health, which continues to revolutionize mental healthcare delivery through innovative telehealth solutions. With its strong financial backing and strategic initiatives, Brightside Health is poised to enhance access to quality mental health services further and drive positive outcomes for individuals nationwide.
