Biofourmis plans to use the investment to develop, validate and commercialise digital therapeutics technology in the areas of cardiology, oncology and pain.
Today (3 September), Boston-based digital therapeutics business Biofourmis announced that it has raised $100m in a Series C round led by SoftBank’s Vision Fund 2.
Existing investors Openspace Ventures, MassMutual Ventures, Sequoia Capital and EDBI also participated in the funding round. It comes just over a year after Biofourmis closed a $35m Series B round led by Sequoia India.
The start-up’s digital therapeutics technology offers personalised predictive care through wearable sensors and analytics. It aims to help healthcare providers observe patient progress and the effectiveness of drugs and other treatments.
The start-up has built Biovitals, an AI-based health analytics platform that predicts clinical exacerbation in advance of a critical event, focusing on areas such as heart failure, oncology, infectious disease, chronic pain, acute coronary syndrome and chronic obstructive pulmonary disease (COPD).
Covid-19 fast-forwarding healthcare
In the 15 months between the start-up’s Series B and Series C funding rounds, Biofourmis said that it has increased its revenue through new partnerships and growth with seven pharmaceutical companies and 10 health systems globally.
The company has also made acquisitions during this time, including wearable biosensor business Biovotion and Takeda Pharmaceuticals’ oncology-focused digital therapeutics company Gaido Health.
Biofourmis plans to use the latest funding to develop, validate and commercialise several released and unreleased digital therapeutics solutions across cardiology, oncology and pain, with a focus on the US and key Asian markets including Asia Pacific, China and Japan.
Biofourmis CEO Kuldeep Singh Rajput said: “Covid-19 is pushing remote monitoring and digital therapeutics to the forefront of medicine. 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.”
Rajput added that healthcare has been “fast-forwarded by at least five years” over the last seven months of the Covid-19 pandemic. He said that the current climate of healthcare will enable the firm to rapidly scale to support more healthcare providers, pharmaceutical and health plan clients.
Greg Moon, managing partner at SoftBank Investment Advisers, said: “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. We are excited to partner with Biofourmis and support their mission of using AI and wearables data to enable personalised care.”