Biofourmis lands $100M in Series C funding round

The Company will use funding to bring new digital therapeutic solutions to market

Stethoscope on a computer keyboard

Biofourmis, which combines AI-based data analytics with medical-grade biosensors to provide personalized, predictive care, announced it’s completed a $100 million Series C financing round. SoftBank Vision Fund 2 led the funding round, with existing investors Openspace Ventures, MassMutual Ventures, Sequoia Capital and EDBI participating too.

Biofourmis closed its $35 million Series B funding round just a year ago and has since increased its revenue significantly through new partnerships with seven pharmaceutical companies and 10 health systems worldwide, including Novartis, AstraZeneca and Mayo Clinic. 

Biofourmis says it will use the funding to develop, validate and bring new digital therapeutic solutions for cardiology, respiratory, oncology and pain treatments to the market. The company also plans to focus on the U.S. and Asian markets, including Asia Pacific, China and Japan.

Biofourmis CEO 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," Kuldeep added.

Biofourmis also announced an alignment of its internal operations. The new business structure will include two verticals: Biofourmis Therapeutics, which will focus on developing clinically validated software-based therapeutics and Biofourmis Health, which will leverage the company's AI-based remote monitoring system to lower health care costs and improve patient outcomes.

"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."

Featured Resources

Managing security risk and compliance in a challenging landscape

How key technology partners grow with your organisation

Download now

Evaluate your order-to-cash process

15 recommended metrics to benchmark your O2C operations

Download now

AI 360: Hold, fold, or double down?

How AI can benefit your business

Download now

Getting started with Azure Red Hat OpenShift

A developer’s guide to improving application building and deployment capabilities

Download now

Recommended

Microsoft launches Azure Health Bot
Microsoft Azure

Microsoft launches Azure Health Bot

8 Jan 2021
Health care organizations under siege from Ryuk ransomware
ransomware

Health care organizations under siege from Ryuk ransomware

5 Jan 2021
Researchers find 45 million medical images exposed online
cyber security

Researchers find 45 million medical images exposed online

17 Dec 2020
VaxAtlas' looks to connect the public to COVID-19 vaccine distributors
Software

VaxAtlas' looks to connect the public to COVID-19 vaccine distributors

16 Dec 2020

Most Popular

How to move Windows 10 from your old hard drive to SSD
operating systems

How to move Windows 10 from your old hard drive to SSD

21 Jan 2021
What is the Raspberry Pi Pico?
Hardware

What is the Raspberry Pi Pico?

21 Jan 2021
How to recover deleted emails in Gmail
email delivery

How to recover deleted emails in Gmail

6 Jan 2021