Biofourmis, a digital health company that powers personalized predictive care, announced that it has raised a $100 million Series C financing round led by SoftBank Vision Fund 2.
Existing investors Openspace Ventures, MassMutual Ventures, Sequoia Capital and EDBI also participated in the funding round.
Biofourmis will use the funding for developing, validating and commercializing 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.
“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.”
“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, SoftBank Investment Advisers. “We are excited to partner with Biofourmis and support their mission of using AI and wearables data to enable personalized care.”
“In the last seven months, healthcare has fast-forwarded by at least five years,” Rajput said. “Despite a challenging global economic environment due to the COVID-19 pandemic, we expect that our latest funding round will accelerate Biofourmis’ plans to rapidly scale to support more healthcare provider, pharmaceutical and health plan clients across the world. We will continue to drive an evolution toward a more personalized and predictive remote method of care delivery that patients prefer and that enables better outcomes.”
Earlier in 2019, Biofourmis had raised $35 million in Series B round. Since that time, the company increased its revenue significantly through new partnerships and growth with seven pharmaceutical companies and 10 health systems globally. Biofourmis also made major acquisitions during that time, including wearable biosensor leader Biovotion and Takeda Pharmaceuticals’ oncology-focused digital therapeutics company Gaido Health.
–AN
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.