SoftBank and its Vision Fund 2 led a $100 million series C investment in Biofourmis, a fast-growing global leader in digital therapeutics that powers personalized predictive care. Other participating investors include Openspace Ventures, MassMutual Ventures, Sequoia Capital, and EDBI.
What is the Opportunity?
BioFourmis, founded in 2015, seeks to improve personalized care, in the process empowering people with complex chronic conditions to live better and healthier lives. They are positioned as “pioneering an entirely new category of medicine” by developing clinically validated software-based therapeutics to offer new outcomes for patients, smarter engagement and tracking tools for clinicians—payers should benefit with more cost-effective solutions. The company has developed Biovitals® a highly sophisticated personalized 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 areas—from heart failure and oncology to acute coronary syndrome and chronic pain.
Since its last financing of $35 million (Series B), the company has significantly grown its revenues via new partnerships and growth with seven pharmaceutical companies and 10 health systems globally. They have also made acquisitions including a wearable biosensor maker called Biovotion and Takeda Pharmaceuticals’ oncology-focused digital therapeutics company Gaido Health.
COVID-19 as Economic Driver
Any successful venture must experience a confluence of factors and forces for success, including the timing of trends that favor a particular product or service. In the case of COVID-19, the whole game is changing now when it comes to the demand for remote monitoring and digital therapeutics, reports Biofourmis CEO Kuldeep Singh Rajput.
Singh Rajput is a serious character—quitting his PhD program back in 2015 to pursue a vision of exploiting AI to anticipate disease prior to it actually happening. He thought wearable sensors can collect so much data about an individual that the accumulation of such data could be harnessed and trained via AI. Fast forward to today and that is exactly what the company is doing: leveraging AI to help anticipate and treat cardiovascular-based diseases via remote monitoring.
Use of Funds
In addition to expanding commercial capability and markets, the company will utilize the funds to develop, validate and commercialize several released and unreleased digital therapeutics solutions across cardiology, respiratory, oncology and pain, with a focus on the United States and key Asian markets.
The company updated its organizational structure to align its internal operations to enable deeper integration with clients and partners and to support ongoing innovation. This new organizational structure includes two verticals including 1) Biofourmis Therapeutics, and 2) Biofourmis Health.
About the Company
Biofourmis—a fast-growing global leader in digital therapeutics that powers personalized predictive care—discovers, develops and delivers clinically validated software-based therapeutics to provide better outcomes for patients, advanced tools for clinicians to deliver personalized care, technology to demonstrate the value of and complement pharmacotherapy, 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, which is the backbone of their digital therapeutics product pipeline across multiple therapeutic areas—including heart failure, oncology, infectious disease (i.e., COVID-19), chronic pain, acute coronary syndrome and COPD.