Digital therapeutics firm Biofourmis Singapore Pte Ltd has raised $100 million (Rs 733 crore) in a Series C round of financing led by SoftBank’s Vision Fund 2.
Other participants in this round include existing investors Openspace Ventures, MassMutual Ventures, Sequoia Capital and EDBI.
This capital infusion comes after Biofourmis raised $35 million (around Rs 243 crore) in a Series B funding round in May last year. The round was co-led by Sequoia and United States-based MassMutual Ventures.
Biofourmis chief executive officer Kuldeep Singh Rajput said the company will use the latest capital it has raised to accelerate its expansion around the world, as well as advance its digital therapeutics pipeline and create deeper integration with its partners in the larger healthcare ecosystem.
“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,” SoftBank Investment Advisers managing partner Greg Moon said.
Apart from this, the company will use the funds to develop, validate and commercialise several released and unreleased digital therapeutics solutions in segments such as cardiology, respiratory, oncology and pain. It will focus these efforts on markets such as the US, China, and Japan.
As part of this investment, the firm has also announced a restructuring of its internal operations. This new business structure will include two verticals – Biofourmis Therapeutics and Biofourmis Health.
The company also claims to have significantly increased its revenue since its Series B fundraise through partnerships with seven pharmaceutical companies and 10 health systems around the world.
Biofourmis has also made acquisitions to beef up its product and operational portfolio. In November last year, the company announced the buy of Switzerland-based wearable biosensor platform Biovotion AG. It said the move would help it offer proprietary, clinical-grade wearables as part of its US regulator-cleared Biovitals Analytics Engine.
In April this year, the company finalised agreements to acquire Gaido Health from Takeda Pharmaceuticals. Biofourmis said the acquisition would expand its portfolio in the oncology space.
The company was set up by Rajput and Wendou Niu in 2015 and uses its proprietary artificial intelligence-powered platform to help treat and manage chronic conditions and provide patients with at-home monitoring solutions and personalised analytics.
