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Biofourmis Raises $100M in Series C Round of Financing
The company plans to use the capital for developing, validating, and commercializing several released and unreleased digital therapeutics solutions across cardiology, oncology, respiratory, and pain, focusing on the United States and key Asian markets, including Asia Pacific, China, and Japan.
FREMONT, CA: Biofourmis, a Boston, MA-based developer of digital therapeutics for personalized, predictive care, closed a $100m Series C financing.
The round was led by SoftBank Vision Fund with active participation from existing investors Openspace Ventures, Sequoia Capital MassMutual Ventures, and EDBI.
The company plans to use the capital for developing, validating as well as commercializing several released and unreleased digital therapeutics solutions across cardiology, oncology, respiratory, and pain, focusing on the United States and key Asian markets, including China, Asia Pacific, and Japan.
Led by CEO Kuldeep Singh Rajput, Biofourmis discovers, develops, and delivers clinically validated software-based therapeutics. The company has built Biovitals, a personalized AI-powered health analytics platform that gives a prediction of clinical exacerbation in advance of a critical event, which is the foundation of its digital therapeutics product pipeline across multiple therapeutic areas—including heart failure, oncology, infectious disease (i.e., COVID-19), acute coronary syndrome, chronic pain, and COPD
In May 2019, Biofourmis raised $35 million in Series B round. Since then, the company has increased its revenue through new collaborations and growth with seven pharmaceutical companies and ten health systems globally. Biofourmis also made notable acquisitions, 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," stated 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."