Biofourmis, which combines AI-based data analytics and biosensors to monitor the progress of medical treatments, has raised $100 million Series C financing round led by SoftBank Vision Fund 2, with participation by existing investors Openspace Ventures, MassMutual Ventures, Sequoia Capital, and EDBI.
“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,” said Greg Moon, Managing Partner, SoftBank Investment Advisers. “We are excited to partner with Biofourmis and support their mission of using AI and wearables data to enable personalized care.”
The company said it will use the money to accelerate its global expansion, advance digital therapeutics pipeline, develop additional care pathways and drive deeper integration with its health system, hospital, pharmaceutical and clinical research clients and partners, according to a press release.
“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.”
In conjunction with the Series C financing announcement, Biofourmis has 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: Focuses on pioneering an entirely new category of medicine, by developing 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 Biofourmis Therapeutics’ “beyond the pill” model, pharmaceutical companies 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: 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 personalized 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—and to 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.
“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.”