[Funding alert] Biofourmis raises $100M in Series C round led by SoftBank Vision Fund 2
US-based healthtech platform Biofourmis has today announced that it has raised $100 million in Series C funding round led by SoftBank Vision Fund 2. The round saw the participation of existing investors Openspace Ventures, MassMutual Ventures, Sequoia Capital, and EDBI.
According to company statement, this fresh funding will be used to develop, validate and commercialise several released and unreleased digital therapeutics solutions across cardiology, respiratory, oncology, and pain, with a focus on the US and key Asian markets including Asia-Pacific, China, and Japan.
In a press statement, Founder and CEO of Biofourmis, Kuldeep Singh Rajput, said,
“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.”
Commenting on the investment, Greg Moon, Managing Partner, SoftBank Investment Advisers ,said,
“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. We are excited to partner with Biofourmis and support their mission of using AI and wearables data to enable personalised care.”
In May 2019, the healthcare platform closed its $35 million Series B round. Since that time, the company has increased its revenue significantly through new partnerships and growth with seven pharmaceutical companies and 10 health systems globally. It has offices in Singapore, Zurich, and Bengaluru.
Biofourmis also made major acquisitions including wearable biosensor leader Biovotion and Takeda Pharmaceuticals’ oncology-focused digital therapeutics company Gaido Health.
In conjunction with the Series C financing announcement, Biofourmis has also announced an alignment of its internal operations to enable deeper integration with healthcare providers, pharmaceutical and health plan clients and partners, and to support ongoing innovation.
The new business structure includes two verticals: Biofourmis Therapeutics which enables the treatment and management of patients with unmet clinical needs together with leading players such as Chugai and AstraZeneca, and Biofourmis Health that empowers patients in their transition from acute to post-acute care via virtual care models in partnership with pharmaceutical leaders including Novartis and Mayo Clinic.
Edited by Kanishk Singh