The round was led by SoftBank Vision Fund 2,[1] with the participation of existing investors, Openspace Ventures, MassMutual Ventures, Sequoia Capital and EDBI.
Biofourmis closed its $35 million Series B round in May 2019. Since then, the company has significantly increased its revenue through new partnerships and growth with seven pharmaceutical companies and 10 health systems worldwide. During that time, Biofourmis also made major acquisitions, including portable biosensor leader Biovotion and Takeda Pharmaceuticals’ oncology-focused digital therapeutic company Gaido Health.
“COVID-19 is pushing remote monitoring and digital therapy to the forefront of medicine,” said Biofourmis CEO Kuldeep Singh Rajput. “Our vision is to use digital medicine to empower patients, clinicians and researchers all over the world by providing software-as-a-treatment for patients with unmet clinical needs, from post-acute care to optimal drug therapy. With this new funding, we will accelerate our global expansion, advance our digital therapeutic pipeline, develop additional care pathways and deepen integration with our healthcare, hospital, pharmaceutical and clinical research clients and partners. “That’s right.
In addition, Biofourmis will use funding to develop, validate and market a number of released and unreleased digital therapeutic solutions across cardiology, respiratory, oncology and pain, with a focus on the United States and key Asian markets, including Asia Pacific, China and Japan.
“We believe that predictive health is the future of medicine and Biofourmis is a leader in the use of AI and machine learning solutions to advance digital therapy,” said Greg Moon, Managing Partner, SoftBank Investment Advisors. “We are very excited to partner with Biofourmis and support their mission to use AI and wearables data to enable personalized care. “That’s right.
New Organizational Structure Creates Roadmap for Growth
In conjunction with the Series C funding announcement, Biofourmis has announced the alignment of its internal operations to enable deeper integration with customers and partners and to support ongoing innovation. There will be two verticals in the new business structure:
Biofourmis Therapeutics: focuses on pioneering a completely new category of medicine by developing clinically validated software therapy to treat and manage patients with unmet clinical needs. These digital therapies work independently or in conjunction with pharmacotherapy-increasing drug efficacy, lowering costs and resulting in improved patient outcomes.
With Biofourmis Therapeutics’ “beyond the pill” model, pharmaceutical companies prescribe the company’s digital therapeutic solution as a therapeutic companion to high-quality drugs to improve efficacy and better manage and treat patients with complex chronic conditions.
Biofourmis Health: focuses on virtual care models for remote management of patients as they move from acute to post-acute care. The company’s AI-based Biovitals® Platform has customized treatment pathways to manage patients with heart failure, coronary artery disease, respiratory disease and cancer, in particular those undergoing chemo/radiation therapy or CAR-T therapy.
Biofourmis Health’s Home Hospital initiative leverages AI-based remote monitoring to reduce healthcare costs – including reductions in length of stay, readmission and emergency department visits – and to improve patient outcomes by enabling clinicians to remotely monitor patients and intervene up to 21 hours before a medical crisis would otherwise have occurred.
“In the last seven months, health care has been accelerated by at least five years,” Rajput said. “Despite the challenging global economic environment of the COVID-19 pandemic, we expect our latest funding round to accelerate Biofourmis’ plans to grow rapidly to support more healthcare providers, pharmaceuticals and health plan clients around the world. We will continue to move towards a more personalized and predictive remote care delivery method that patients prefer and enables better outcomes. “That’s right.
On Biofourmis
Biofourmis – a fast-growing global leader in digital therapeutics empowering personalized predictive care – discovers, develops and delivers clinically validated software-based therapists to deliver better outcomes for patients, advanced tools for clinicians to deliver personalized care, value-added and complementary pharmacotherapy technology, and cost-effective solutions for payers. Biofourmis has built Biovitals®, a highly sophisticated, personalized AI-powered health analytics platform that predicts clinical exacerbation in advance of a critical event that is the backbone of their digital therapeutic product pipeline across multiple therapeutic areas – including heart failure, oncology, infectious disease (i.e. E: E , COVID-19), chronic pain, acute coronary syndrome, COPD For more information, please visit: www Biofourmis: Come on,
[1] As of the date of the press release, SoftBank Group Corp. Capital contributions have been made to allow SoftBank Vision Fund 2 (‘SVF 2’) to invest in certain portfolio companies. The information included herein is for informational purposes only and does not constitute an offer to sell or an offer to purchase limited partnership interests in any fund, including SVF 2. SVF 2 has yet to have an external close, and any potential third-party investors will receive additional information on any SVF 2 investments prior to closing.
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