Biofourmis Closes $100 Million Series C Funding Round Led by SoftBank Vision Fund 2 to Accelerate U.S. and Global Expansion
Funding to advance "home hospital" initiatives with health systems and "beyond the pill" digital therapeutics partnerships with pharmaceutical companies
Sep 03, 2020, 00:00 ET
BOSTON, Sept. 3, 2020 /PRNewswire/ -- Biofourmis, a fast-growing global leader in digital therapeutics that powers personalized predictive care, has announced the completion of a $100 million Series C financing round led by SoftBank Vision Fund 2,[1] with participation by existing investors Openspace Ventures, MassMutual Ventures, Sequoia Capital and EDBI.
In May 2019, Biofourmis closed its $35 million Series B round. Since that time, the company has increased its revenue significantly through new partnerships and growth with seven pharmaceutical companies and 10 health systems globally. Biofourmis also made major acquisitions during that time, including wearable biosensor leader Biovotion and Takeda Pharmaceuticals' oncology-focused digital therapeutics company Gaido Health.
"COVID-19 is pushing remote monitoring and digital therapeutics to the forefront of medicine," said Biofourmis CEO Kuldeep Singh Rajput. "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."
In addition, Biofourmis will use the funding for developing, validating and commercializing several released and unreleased digital therapeutics solutions across cardiology, respiratory, oncology and pain, with a focus on the United States and key Asian markets, including Asia Pacific, China and Japan.
"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," said Greg Moon, Managing Partner, SoftBank Investment Advisers. "We are excited to partner with Biofourmis and support their mission of using AI and wearables data to enable personalized care."
New organizational structure creates growth roadmap
In conjunction with the Series C financing announcement, Biofourmis has announced an alignment of its internal operations to enable deeper integration with clients and partners and to support ongoing innovation. The new business structure will include two verticals:
- Biofourmis Therapeutics: Focuses on pioneering an entirely new category of medicine, by developing clinically validated software-based therapeutics to treat and manage patients with unmet clinical needs. These digital therapies work independently or in conjunction with pharmacotherapies—thereby augmenting drug efficacy, reducing costs and resulting in better patient outcomes.
- With Biofourmis Therapeutics' "beyond the pill" model, pharmaceutical companies prescribe the company's digital therapeutics solution as a companion therapeutic with high-value drugs to improve efficacy and to better manage and treat patients with complex chronic conditions.
- Biofourmis Health: Focuses on virtual care models to manage patients remotely as they transition from acute to post-acute care. The company's AI-based Biovitals® Platform is layered with personalized care pathways to manage patients with heart failure, coronary artery disease, respiratory illnesses and cancer, especially those undergoing chemo/radiation therapy or CAR-T treatment.
- Biofourmis Health's "home hospital" initiative leverages the company's AI-based remote monitoring to lower healthcare costs—through reductions in length of stay, readmissions and emergency department visits, among other measures—and to improve patient outcomes by enabling clinicians to remotely monitor patients and intervene up to 21 hours in advance of when a medical crisis would have otherwise occurred.
"In the last seven months, healthcare has fast-forwarded by at least five years," Rajput said. "Despite a challenging global economic environment due to the COVID-19 pandemic, we expect that our latest funding round will accelerate Biofourmis' plans to rapidly scale to support more healthcare provider, pharmaceutical and health plan clients across the world. We will continue to drive an evolution toward a more personalized and predictive remote method of care delivery that patients prefer and that enables better outcomes."
About Biofourmis
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. For more information, visit: www.biofourmis.com.
[1] As of the date of this press release, SoftBank Group Corp. has made capital contributions to allow investments by SoftBank Vision Fund 2 ("SVF 2") in certain portfolio companies. The information included herein is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interests in any fund, including SVF 2. SVF 2 has yet to have an external close, and any potential third-party investors shall receive additional information related to any SVF 2 investments prior to closing.
Media Contact
Tara Stultz
Amendola Communications for Biofourmis
440.225.9595 or [email protected]
SOURCE Biofourmis
