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Full-range telemental health provider Brightside Health raised a $33 million Series C led by Section 32, CEO Brad Kittredge tells Axios exclusively.

Why it matters: Brightside works with high-acuity populations and has published peer-reviewed research suggesting its platform's effectiveness.

The big picture: An ongoing mental health crisis combined with a psychiatrist shortage has maintained demand for virtual therapy, especially among providers who can address severe needs.

How it works: The San Francisco-based, in-network provider works with payers and health systems to treat mild to severe depression and anxiety.

Brightside providers include licensed therapists and psychiatric mental health nurse practitioners equipped to treat even those at elevated suicide risk.

Patients can also pay out-of-pocket for memberships at $95 a month for medication management or $349 a month for therapy and medication.

What they found: Brightside has published several sponsored peer-reviewed papers.

A study published in Nov. 2023 in the journal Healthcare that suggested its crisis care program was feasible as a suicide-specific telehealth care tool.

A study published in March 2023 in the journal Psychotherapy Research that found that supplementing teletherapy with video lessons was linked with improvements in symptoms of depression and anxiety.

What they're saying: Brightside's team "doesn't just say 'this is what we've done,' — they publish in peer-reviewed journals," says S32 general partner and former Foundation Medicine CEO Michael Pellini.

Zoom in: Alongside S32, new backers Kennedy Lewis, Time BioVentures, and Redwood Pacific joined existing investors ACME, Mousse Partners, and Triventures.

Redox CEO and former AbleTo CEO Trip Hofer is joining Brightside's board of directors.

What's next: Brightside will use the money to fund its recent expansion into Medicare and Medicaid arrangements including with partners CareOregon, Blue Cross and Blue Shield of Texas, and Centene.

Kittredge foresees Brightside reaching profitability "in the next few quarters," and tells Axios the company could potentially forego a future raise.

Brightside is also investing in artificial intelligence, including hiring a head of AI in former Googler Matthew Mohebbi and using AI to hone its prescription tools.

Flashback: Brightside collected a $50 million Series B in 2022.

Between the lines: An increasingly tight digital health funding market may be driving companies in the crowded telemental health sector towards an increased focus on profitability and outcomes.

Case in point: Brightside wants to continue "focusing on that high end of severity and acuity," says Kittredge, "and really turn mental health care delivery from art to science using using data and technology."

State of play: The ranks of venture-backed telemental health providers have swelled in recent years, with relevant recent raises including:

Insurance-accepting telemental health startup UpLift last summer collected $10.7 million in Series A capital. 

Headway last winter was reportedly in talks to raise $100 million at a $1 billion valuation.

Alma in 2022 pulled in $130 million at an $800 million valuation.

Exclusive: Virtual mental health provider Brightside gets $33M Series C

Section 32 led the round in the San Francisco company.

Health tech deals

Full-range telemental health provider Brightside Health raised a $33 million Series C led by Section 32, CEO Brad Kittredge tells Axios exclusively.Why it matters: Brightside works with high-acuity populations and has published peer-reviewed research suggesting its platform&#x27;s effectiveness.

Exclusive: Virtual mental health provider Brightside gets $33M Series C

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