Digital therapeutics provider Biofourmis has secured a $100m series C financing to accelerate its US and global expansion efforts.
The current series C financing round has been led by SoftBank Vision Fund 2, with participation from the existing investors such as Openspace Ventures, MassMutual Ventures, Sequoia Capital, and EDBI.
The funding will be used by the company to develop, validate and commercialise variously released and unreleased digital therapeutics solutions across cardiology, respiratory, oncology, and pain in the US and Asian markets such as the Asia Pacific, China, and Japan.
Biofourmis is also aligning its internal operations to better coordinate with clients and partners, as well as to support ongoing innovation.
The company’s business structure will comprise two verticals, including Biofourmis Therapeutics and Biofourmis Health.
Biofourmis Therapeutics will focus on the development of clinically validated software-based therapeutics for the treatment and management of patients with unmet clinical requirements.
Its beyond the pill model will allow pharmaceutical firms to prescribe their digital therapeutics solution as a companion therapeutic with high-value drugs to enhance efficacy and treat patients with complex chronic conditions
Biofourmis Health offers virtual care models for the management of patients remotely when they are transitioned from acute to post-acute care.
The firm’s AI-based Biovitals Platform offers personalised care pathways to manage patients with heart failure, coronary artery disease, respiratory illnesses, and cancer. Biofourmis Health’s home hospital initiative is said to leverage the firm’s AI-based remote monitoring to reduce healthcare costs.
Biofourmis secured $35m in series B funding in May 2019
Biofourmis had completed its $35m series B funding round in May last year. The firm has significantly increased its revenue since that time via new partnerships and growth with seven pharmaceutical companies and 10 health systems across the globe.
At the same time, the company also acquired wearable biosensor solutions provider Biovotion and digital therapeutics company Gaido Health.
In April this year, Biofourmis agreed to acquire oncology-focused digital therapeutics company Gaido Health from Takeda Pharmaceuticals for an undisclosed sum.
Biofourmis CEO Kuldeep Singh Rajput said: “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.”
