Biofourmis, a Singapore-based healthcare startup has raised USD 100 Million in the Series C funding led by Softbank. This funding round also witnessed the participation of the existing investors such as Sequoia Capital, MassMutual Ventures, and EDBI, among others.
The digital therapeutics company uses AI-based data analytics and wearable sensors to monitor the effectiveness of the drug or the treatment on the patient. In May 2019, Biofourmis received a funding of USD 35 Million through Series A funding.
Meanwhile, digital healthcare companies have struggled to maintain the partnerships and entice the investor’s interest, Biofourmis has done a wondrous job. Since Series A funding, it has partnered with various pharma companies including Novartis, Mayo Clinic, and AstraZeneca. Moreover, it has acquired wearable biosensor startup Biovotion, and a remote monitoring startup for cancer patients, Gadio Health to strengthen its market position.
The company’s CEO and co-founder Kuldeep Singh Rajput said this coronavirus crisis has accelerated the market. “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,” he said in a press release.
Biofourmis is headquartered in Boston and has offices in Switzerland and India. The company is not intended for the consumers but for the clinical uses. For instance, Halo, a health tracking device is used by patients while the pharmaceutical company will pay the company for its wearable sensors. For now, the company’s primary is focus on heart failure while gradually expanding to other issues too.
Softbank’s Greg Moon, the managing partner in the Asia division, agrees that this pandemic would really help the digital therapeutics to propel their growth. He says that “Kuldeep spent three years building the technology and then he made really fast progress with clinical studies, global pharma companies as well as governments.” “We are excited to partner with Biofourmis and support their mission of using AI and wearables data to enable personalized care,” Greg added.
Kuldeep founded the company in 2015 along with Wendon Niu, who’s a managing director at the firm. In a press release, Biofourmis announced that this USD 100 Million funding will be used to validate, develop, and release various digital therapeutics solutions across cardiology, respiratory, oncology, and pain. They’re also focusing to expand their markets to the United States and prominent Asia markets including Japan and China. The CEO says that the pandemic has paced the healthcare sector by at least five years.
Last year in July, Softbank announced the launch of its second Vision found to majorly invest in AI-based technological companies. The company said that it has raised around USD 108 Billion in funding with the participation from Apple, Foxconn, and Microsoft, among others. Its first investment fund which was founded in 2016 is struggling to make returns owing to its investment in WeWork and Uber. In the statement, Greg said that Softbank “believes predictive health is the future of medicine and Biofourmis is a leader in using AI and machine learning-based models to advance digital therapeutics.”
Along with Boifourmis, Softbank has already bet on pharmacy delivery startup Alto and infectious disease tester startup Karius to stronghold their health-tech portfolio. As of now, Softbank has done nine deals from which four of them belong to the health-tech sector.