Biofourmis has completed a US$100 million series C financing round led by SoftBank Vision Fund 2, with participation by existing investors Openspace Ventures, MassMutual Ventures, Sequoia Capital and EDBI.
This followed a $35-million series B round that closed in May 2019. Biofourmis also made major acquisitions during that time, including wearable biosensor leader Biovotion and Takeda Pharmaceuticals’ oncology-focused digital therapeutics company Gaido Health.
“COVID-19 is pushing remote monitoring and digital therapeutics to the forefront of medicine,” said Biofourmis CEO Kuldeep Singh Rajput. “Our vision is to use digital medicine to empower patients, clinicians and researchers everywhere by providing software-as-a-treatment for patients with unmet clinical needs, from post-acute care to optimal medication therapy.”
“With this new funding, we will accelerate our global expansion, advance our digital therapeutics pipeline, develop additional care pathways and drive deeper integration with our health system, hospital, pharmaceutical and clinical research clients and partners,” he said.
In addition, Biofourmis will use the funding for developing, validating and commercialising several released and unreleased digital therapeutics solutions across cardiology, respiratory, oncology and pain, with a focus on the United States and key Asian markets, including Asia Pacific, China and Japan.
“We believe predictive health is the future of medicine and Biofourmis is a leader in using AI and machine learning-based solutions to advance digital therapeutics,” said Greg Moon, managing partner at SoftBank Investment Advisers.
Furthert, Biofourmis has announced an alignment of its internal operations to enable deeper integration with clients and partners and to support ongoing innovation. The new business structure will include two verticals.
One is Biofourmis Therapeutics, which focuses on pioneering an entirely new category of medicine, by developing clinically validated software-based therapeutics to treat and manage patients with unmet clinical needs.
The other is Biofourmis Health, which focuses on virtual care models to manage patients remotely as they transition from acute to post-acute care. The company’s AI-based Biovitals Platform is layered with personalised care pathways to manage patients with heart failure, coronary artery disease, respiratory illnesses and cancer, especially those undergoing chemo/radiation therapy or CAR-T treatment.
