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Biotech firm Biofourmis reaches unicorn status after raising $300M

Biofourmis
Image credits: Biofourmis

Biofourmis, a Boston-based biotechnology company, announced that it has reached the unicorn status after raising $300M in Series D investment led by General Atlantic. Existing investors, along with CVS Health, also participated.

To date, the US company has raised a total funding of $445M. Existing investors include SoftBank Vision Fund 2, Openspace Ventures, MassMutual Ventures, Sequoia Capital, and EDBI.

Besides funding, Biofourmis also announced that former Medtronic CEO and Chairperson at Intel, Dr. Omar Ishrak, will join the company’s Board of Directors as Chairman.

“I’m thrilled to join Biofourmis as Chairman of the Board at this exciting time in the company’s rapid rise as a leading innovator in virtual care and digital medicine,” says Dr. Ishrak.

He adds, “Biofourmis continues to push the boundaries as it evolves virtual care from reactive to predictive models that deliver continuous care and better health outcomes to patients while improving efficiencies and lowering costs for healthcare organisations. It’s a win-win that is a true differentiator in the market.”

How will the funding be used?

The latest funding will help Biofourmis scale up its virtual care offerings, including delivering personalised and predictive in-home care and expanding its virtual speciality care services – Biofourmis Care.

Additionally, the company plans to fund clinical trials to develop digital therapies that work in conjunction with high-value drugs, while forming strategic partnerships with companies in the digital health and virtual-first care ecosystems.

“We are excited to partner with General Atlantic, which shares our vision for the future of virtual care and the urgency to bring the Biofourmis solution to customers and patients across the globe,” says Kuldeep Singh Rajput, Founder & Chief Executive Officer of Biofourmis.

He says, “We are also thrilled to have Dr. Ishrak join our board. His vast experience, which includes leading one of the world’s most successful medical technology companies, will be an incredible asset as we look to take our business to the next growth phase.”

Personalised care and therapies

Founded by Kuldeep Singh Rajput, Maulik Majmudar, and Wendou Niu, Biofourmis provides technology and clinical support for Care@Home and digital therapies. The company discovers, develops, and delivers clinically validated software-based therapeutics to enable better outcomes for patients.

Biofourmis solutions use a blend of passive inputs via continuous monitoring devices, active inputs from episodic monitoring devices, and patient feedback on activity driven through the Biofourmis app to get a complete picture of the patient’s status.

Designed to be used at home, in acute, post-acute, and chronic care, Biofourmis’ solution compares the patient as they are today to their normal state.

Further, Biofourmis can detect clinical deterioration early on and offer dynamic care pathways that guide therapeutic interventions.

Through its 24/7 virtual clinical care team, Biofourmis’ licensed health professionals can promptly respond to alerts while communicating medication changes and updated care plans with primary care teams to ensure patient care is well coordinated.

Investors

“In recent years, we have seen a significant trend towards virtual at-home care, which has become a critical alternative to in-person care, particularly as digital adoption continues to accelerate,” says Sandeep Naik, Managing Director and Head of India & Southeast Asia at General Atlantic. “Biofourmis is tapping into this global trend with a new approach to remote care management.”

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