Biofourmis, a digital therapeutics company based in Singapore completed its Series C funding round on 3 September 2020. It raised a total amount of US$ 100M.
The funding round was led by SoftBank Vision Fund II. Other participants included existing investors MassMutual Ventures, Sequoia Capital, Openspace Ventures and EDBI.
The new funds will be utilized towards developing, validating and commercialising several digital therapeutics solutions spread across cardiology, respiratory, oncology and pain. It is also planning to expand its services across the USA and key Asian markets (Asia Pacific, China and Japan).
On May 2019, the firm had secured US$ 35M in its series B round. As per a statement of the company, that deal had resulted in a significant increase in Biofourmis’s revenue via new partnerships and growth with seven pharmaceutical companies and 10 health systems worldwide.
Biofourmis had made some acquisitions as well, including- wearable biosensor firm Biovotion and Gaido Health, Takeda Pharma’s oncology focused digital therapeutics company.
About the company
Founded in 2015, Biofourmis discovers, develops and delivers clinically-validated software-based therapeutics to provide better outcomes for patients, advanced tools for clinicians to deliver personalised care, technology to demonstrate the value of and complement pharmacotherapy, and cost-effective solutions for payers. It uses Artificial Intelligence technology to provide personalized care. It was founded in Singapore and is headquartered in Boston.
The business structure of Biofourmis includes two verticals:
● Biofourmis Therapeutics: A software-based therapeutics to treat and manage patients with unmet clinical needs.
● Biofourmis Health: This vertical focuses on virtual care to manage patients remotely as they transition from acute to post-acute care. Its Biovitals Platform provides personalised care to manage patients with heart failure, coronary artery disease, respiratory illnesses, cancer etc.
The founder and CEO Kuldeep Singh Rajput said “COVID-19 is pushing remote monitoring and digital therapeutics to the forefront of medicine. 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.”
