What is its total valuation?
A US$300 million Series D round has pushed Biofourmis, a Singapore-founded, Boston-headquartered company developing digital therapeutics and using artificial intelligence (AI) to monitor patients remotely, to unicorn status, with a total valuation of US$1.3 billion.
The funding round was led by American growth equity firm General Atlantic, and participated by CVS Health and existing investors Openspace Ventures and EDBI. This brings Biofourmis’ total raised funds to US$445 million. It last raised US$100 million in a Series C funding round led by Softbank Vision Fund 2 in September 2020. On the same day, Biofourmis also announced the appointment of former Medtronic CEO and Intel chairperson Omar Ishrak as the chairman of its board.
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Biofourmis was founded by Kuldeep Singh Rajput in Singapore in 2016 and later moved its headquarters to the US in 2019.
Its business falls under two categories: home care and digital medicine. Its home care tools use AI to help clinicians to monitor patients remotely, predict diseases and deliver the care that’s needed. This past February, the company launched a virtual specialty care platform called Biofourmis Care to cater to managing patients with chronic conditions.
The company is also developing clinically-validated, software-based therapeutics to treat and manage patients. Its BiovitalsHF tool, which is designed to monitor patients’ heart failure medication dosage, received an FDA Breakthrough Device designation last July.
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