Biofourmis, which combines AI-based data analytics and biosensors to monitor the progress of medical treatments, has raised funding from one of the world’s most high-profile investors. The digital therapeutics company, which launched in Singapore and is now headquartered in Boston, announced today it closed a $100 million Series C led by SoftBank Vision Fund 2, with participation from returning investors Openspace Ventures, MassMutual Ventures, Sequoia Capital and EDBI.
The company’s last funding announcement was in May 2019 for a $35 million Series B led by Sequoia India and MassMutual, the venture capital arm of Massachusetts Mutual Life Insurance Company. To date, the company has raised a total of $145 million.
Biofourmis’ platform combines AI-based health analytics and wearable sensors to help healthcare providers gauge patient progress and the effectiveness of drugs and other treatments. The company, founded in 2015 by chief executive Kuldeep Singh Rajput and managing director Wendou Niu, said this is the largest funding for a healthtech startup in Southeast Asia to date. In addition to Boston and Singapore, Biofourmis also has offices in Switzerland and India.
Since its Series B funding, Biofourmis has grown through a series of partnerships with seven pharmaceutical companies and 10 health systems, including Novartis, AstraZeneca and Mayo Clinic. Biofourmis also made several acquisitions, including wearable biosensor startup Biovotion and Gaido Health, a digital therapeutics company for cancer patients.
The funding will be used to validate and bring to market new digital therapeutic solutions for cardiology, respiratory, oncology and pain treatments. Biofourmis plans to expand in the United States and Asia-Pacific markets, including China and Japan.
Biofourmis also said today that it is realigning its internal operations into two verticals: Biofourmis Therapeutics, which partners with companies like AstraZeneca and Chugai to create software that can help increase the efficacy of drug treatments, and Biofourmis Health, a “home hospital” platform that allows health providers to monitor patients remotely as they transition out of acute care. Biofourmis Health focuses on heart failure, coronary artery disease, respiratory illnesses and cancer.
EDBI is an investment firm linked to Singapore’s government, and looks for startups that can help advance the country’s industries, including healthcare. Biofourmis’ funding from EDBI is a strategic investment, and its technology is being used in Singapore as it copes with repeated outbreaks of COVID-19.
Announced last July, SoftBank Vision Fund 2 launched with $108 billion to invest in AI-based technology. The first Vision Fund is coping with heavy losses stemming in large part from its investments in WeWork and Uber, so the performance of Vision Fund 2’s focus on markets including health tech (its other investments in the space include pharmaceutical delivery startup Alto and life sciences company Karius) is being closely watched.
In a press statement, SoftBank Investment Advisers partner Greg Moon said, “We believe predictive health is the future of medicine and Biofourmis is a leader in using AI and machine learning-based models to advance digital therapeutics.”