Biofourmis closes US$100M led by SoftBank to push remote monitoring, digital therapeutics to the forefront of medicine
Biofourmis, a Singapore-based digital therapeutics company, has announced the completion of its US$100 million Series C financing, led by SoftBank Vision Fund II.
Existing investors Openspace Ventures, MassMutual Ventures, Sequoia Capital and EDBI also joined.
This round comes over a year after the firm secured US$35 million in Series B round in May 2019. As per a press statement, since this deal Biofourmis increased its revenue “significantly” through new partnerships and growth with seven pharmaceutical companies and 10 health systems, globally.
During this period, Biofourmis also made several acquisitions, including wearable biosensor firm Biovotion and Takeda Pharmaceuticals’s 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 explained.
A portion of the funds raised from this round will be used for for developing, validating and commercialising several of its released and unreleased digital therapeutics solutions across cardiology, respiratory, oncology and pain across the US and key Asian markets (Asia Pacific, China and Japan).
In conjunction with the Series C financing announcement, Biofourmis has also announced 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: A new 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 its “beyond the pill” model, pharmaceutical companies can 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.
● Biofourmis Health: This focuses 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 personalised 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.
It will also 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.
Started in 2015, Biofourmis discovers, develops and delivers clinically-validated software-based therapeutics to provide better outcomes for patients, advanced tools for clinicians to deliver personalised care, technology to demonstrate the value of and complement pharmacotherapy, and cost-effective solutions for payers.
It has built Biovitals, a highly sophisticated personalised AI-powered health analytics platform that predicts clinical exacerbation in advance of a critical event, which is the backbone of their digital therapeutics product pipeline across multiple therapeutic areas—including heart failure, oncology, infectious disease, chronic pain, acute coronary syndrome and COPD.