Biofourmis Receives $35 Million to Develop AI-Powered Digital Health Biomarkers
AI-powered Singapore based healthcare IT firm Biofourmis has raised $35 million in Series B funding. The company plans to use these funds in moving its offices from Singapore to Boston along with continuing the expansion of its sales, marketing and technology paradigms. This round takes the total funding to date for the company to $40 million. The investment was led by –
- Sequoia Capital’s Sequoia India and MassMutual Ventures
- Singapore government-linked strategic investor EDBI
- Openspace Ventures
- Aviva Ventures
Our core focus has always been to optimize the therapies to augment patient care and health outcomes,” said founder and CEO Kuldeep Singh Rajput, who cofounded Biofourmis with chief privacy officer Wendou Niu in 2015. “The past year was filled with exciting achievements as our team made great strides in advancing our products, in addition to strengthening our regulatory platform and signing contracts with numerous global pharmaceutical firms. Our new funds will allow us to further demonstrate the clinical efficacy of our digital therapeutics platform through research and development.”
Rajput says that furthermore, Biofourmis will invest in developing treatment products with “biopharmaceutical approaches” including randomized clinical trials and clinical data generation, and says it’ll pursue collaborations with partners like American Heart Association’s Center for Health Technology Innovation’s Innovator Network, the Mayo Clinic, and Novartis. “Our [future] products [will] … have treatment claims akin to a drug, and they [will] need to be prescribed by a clinician,” said Rajput. “Insurance providers [will] then reimburse for the treatment just as they do with pharmaceuticals and therapeutic medical devices. We aim to use them as a distribution channel to commercialize our digital therapeutics product in combination with a therapy — either as a value-added service or as companion therapeutics.”
The company’s proprietary product, Biovitals serves as a platform for healthcare stakeholders to analyze patient data. Software algorithms keep feeding historical patient data into Biovitals. Combined with FDA-approved medical wearables, biomarkers are created that provide accurate information on a variety of ailments to health care providers, payers, and pharmaceutical companies.
“Sequoia India is excited to lead this round investing in Biofourmis, an innovative health tech startup with the potential to intuitively deliver improved patient outcomes,” said Sequoia Capital India Advisors principal Anjana Sasidharan. “They have already aligned with credible, high-quality institutional partners to successfully transition digital therapeutics from concept to reality — and we are impressed with the team’s vision and ability to use technology to scale their products globally.”
Biofourmis is confident that its product can detect health issues days before traditional methods. The product integrates seamlessly with Electronic Health Record Systems with the capability to raise alerts for doctors who might need to intervene if patient condition deteriorates. Moreso, for patients, Biovitals suggests exercise regimens, diet plans et al. on a very functional smartphone app.
BiovitalsHF, another product from Biofourmis’ stable, is developed exclusively to deliver a holistic view regarding heart ailments.