Announced in early September 2020, Biofourmis closes US$100 million Series C financing led by SoftBank Vision Fund 2, with participation by existing investors Openspace Ventures, MassMutual Ventures, Sequoia Capital and EDBI.
Biofourmis, a digital therapeutics company looking to power personalized predictive care through the discovery, development, and delivery of clinically validated software-based therapeutics to provide better outcomes for patients and provide advanced tools for clinicians to deliver personalized care.
Since closing its previous round of funding in May 2019, Biofourmis has expanded its revenue through new partnerships with seven pharmaceutical companies and 10 health systems across the world. Biofourmis also made major acquisitions throughout this 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 added.
With the current new funding, Biofourmis will be developing, validating and commercializing several digital therapeutics solutions across different medical fields, including cardiology, respiratory, oncology, and pain. It will also be focussing on the United States and key Asian markets within the Asia Pacific region.
“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.”
Together with the announcement of its Series C funding, Biofourmis released an 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; Biofourmis Therapeutics and Biofourmis Health.
Biofourmis Therapeutics 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. These digital therapies work independently or in conjunction with pharmacotherapies—thereby augmenting drug efficacy, reducing costs and resulting in better patient outcomes.
With Biofourmis Therapeutics’ “beyond the pill” model, pharmaceutical companies prescribe the company’s digital therapeutics solution as a companion therapeutic with high-value drugs to improve efficacy and to better manage and treat patients with complex chronic conditions.
Bioofourmis Health will focus 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 personalized 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.
Biofourmis Health’s “home hospital” initiative leverages the company’s AI-based remote monitoring to lower healthcare costs—through reductions in length of stay, readmissions and
emergency department visits, among other measures—and to improve patient outcomes by enabling clinicians to remotely monitor patients and intervene up to 21 hours in advance of when a medical crisis would have otherwise occurred.
“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.”