Bright.md Series-C

This is the Bright.md pitch deck to raise a $16.7m series-c round in 2020.

About

Bright.md develops an AI-powered care automation platform that transforms direct-to-patient telehealth for healthcare systems.

Bright.md, a virtual healthcare startup, just closed its Series C funding under unusual circumstances.

The round opened before the pandemic but closed at the end of May. In the interim, business boomed for Bright.md. Year-over-year, online visits and new patients grew by 1,200% and 2,000% in April, respectively, according to Ray Costantini, the company’s co-founder and CEO.

Now, visits are already declining — a development Costantini called “a good thing” — but those numbers sat well with potential investors at the time, according to the co-founder.

“Urgency increased,” Costantini told Business Insider. Some investors even wanted to up their contributions retroactively, he said.

When all was said and done, the Portland, Oregon-based company raised $16.7 million, $1.7 million more than it set out to raise. In all, the startup has taken in about $30 million to date. The company declined to disclose its valuation.

Bright.md’s software automates part of doctors’ appointments

Bright.md works differently than some other telehealth companies. Instead of connecting patients with doctors for video visits, its platform SmartExam uses computers and smartphones to automate parts of doctors’ appointments, typically for urgent care and primary care.

The company’s software interviews patients to understand their symptoms, and they’re only given video or in-person appointments when necessary, according to the company.

Doctors then receive reports, including a transcript of the patient’s interview, and sign off on the platform’s recommendations or choose another course of treatment. Bright.md inputs the data into electronic health records and can take care of referrals, too.

In some ways, Bright.md’s success is a reflection of lockdowns. After the coronavirus forced doctors’ offices to close and people to stay in their homes, companies offering remote care took off. Bright.md itself offers a free tool that helps doctors and hospitals screen patients for coronavirus symptoms.

Funding Rounds

Pitch Deck Review Summary

Structured Summary Review

Words

Generally, they do not write enough to explain what it is that they do. Occasionally when they are closer to the mark they cram the text to fit in big images.

Don’t use superlatives such as saying you are ‘special’.

Slide length

The length doesn’t matter here, I don’t know what they really do as it wasn’t explained well.

Headers

The headers matter a lot and they failed on this.

Appearance

Don’t go with a dark background unless you are sure. White is safer from a contrasting point of view. Assume investors have bad eyesight and make everything easy to read.

Never use stock images.

Don’t use background images.

Don’t let the designer have free reign and think design is more important than content.

Narrative

There isn’t really a narrative. The slides need to flow so you take investors on a journey to build on their knowledge.

Structure

Don’t write “problem on a slide”. Write what the problem is in a sentence.

Slides

Anything commercially interesting is not in the deck such as how they make money, traction, GTM etc.

Slide by Slide Review

The cover is fine but there is no need to have the year on it.

Never write “the problem” on a slide. Write what the problem is. They follow up with a sentence below which sort of explains the problem, but do you get the point immediately?

They just drop the bomb of there being a problem before even setting the scene with what is happening in the industry.

There are 6 points in a circle, but do you know what they refer to? You need to ensure everything is obvious.

I don’t like the headers of slides to move. I always want them in the same place which is at the top of the slide.

Unless you are sure you are targeting investors who know a sector really well, never write industry-specific acronyms such as PCP. You never know who won’t understand them.

I’m guessing the term means primary care physician, but it took me a minute to get what the graph meant linked to the header.

On the design, I generally don’t like dark backgrounds as contrast can be iffy. Grey on black can be hard to read and assume your investors have bad eyesight.

Don’t just write EMRs don’t help. Also, be careful of grammar – EMR’s don’t need an apostrophe as it’s plural.

I don’t like background images. There is some green matrix code thing going on and the white on green is a bit hard to read.

On the right, do you think it is obvious what the icons mean? No. use your big boy words.

Never use stock images. What’s the point of the dude on the right? To me, this means the founders couldn’t be bothered to come up with some supporting data.

I just think the whole slide is pointless. Their data point is their ‘advisory board’. That is like a kid saying “my mommy says I’m a big boy!”

The founders basically said I can’t be bothered to make something useful so I’ll get the designer to make something pretty and whatever.

Only your mommy thinks you are special. Do not say you are.

I think they let the designer have free reign as the text at the bottom is all that is interesting on the slide.

I think that this is a product page so it would make more sense to explain the product in 4 steps with 4 images.

Similarly, these slides can be more informative (and no stock images!).

What’s with the stock images? All the interesting stuff is in a long ass list of 6 points.

There are basically no headers anymore – there is “Proven Value”, I mean “Proven value” as they’ve changed how they use sentence case now.

Font sizes are going a bit bonkers now – why is the font on the right so large now?

Don’t use exclamation marks.

I think the point is that they can work with a lot of types of healthcare providers, but this is lazy.

Quotes are super lame traction slides, especially since they have no names and a lot of the images are absolutely stock, so has no credibility to me.

And? You can pay to get featured at all these places (and most people do).

This is sort of interesting maybe, but I’m more interested in seeing your numbers, thank you very much!

Frankly, unless you are in the magic quadrant, I don’t care about this.

I presume they redacted this slide, otherwise, it’s just really weird.

When it comes to healthcare, I don’t really see anyone as being unique in the space.

There is bad negative space on the slide.

The point of the team slide is to understand if the people executing are worth betting on, not photogenic. I want to see their achievements and experience. Never do a team slide like this.

I know why people put in investor slides as investors like social proof, but I just think it’s a bit lame and should be combined on the ask slide, or elsewhere.

This slide adds zero value.

Deck Collection

See the rest of the collection here:

BACK TO THE DECK COLLECTION