Biofourmis, a Boston, MA-based global leader in virtual care and digital medicine, raised an additional USD20m in Series D financing, which was three times the amount BioFourmis raised in 2020 when it announced a $100 million Series C led by SoftBank.
Intel Capital, the strategic investment arm of chipmaker Intel Corporation, joined it in an extension that brings the total funding raised in the round to $320M. The initial Series D funding round was announced in April and was led by global growth equity firm General Atlantic with participation by CVS Health, Trevor Fetter, and existing investors.
The company intends to use the funds to scale up its virtual care offerings that drive high-quality care at home across the continuum as well as digital medicine initiatives, including building digital companion therapeutics to augment existing and upcoming novel therapies.
Ld by Kuldeep Singh Rajput, founder and CEO, Biofourmis is a global leader in providing advanced technology and clinical support for Care at Home and digital therapies. Its clinically validated platform, powered by machine learning and advanced analytics, enables healthcare, maximizes the effectiveness of drugs, and lowers costs across the entire care continuum.
Biofourmis today also announced the appointment of two healthcare leaders to its Board: Trevor Fetter, MBA, senior lecturer on the faculty of Harvard Business School and former longtime Tenet Healthcare Chairman and CEO; and Sachin H. Jain, MD, MBA, president and CEO of SCAN Group and SCAN Health Plan.
What does Biofourmis do?
Biofourmis is a global leader in virtual care and digital therapeutics, offering an innovative and comprehensive Care@Home platform that enables clinicians to deliver personalized predictive care to patients outside of a traditional hospital or clinic across the continuum of care, including acute, post-acute, and home care.
Where is Biofourmis located?
Biofourmis is located in Boston, Massachusetts, United States.
How does Biofourmis make money?
Bioforumis generates revenue from software contracts on a per patient per monthly basis. The company has partnered with seven pharmaceutical companies and 10 health systems, and most of the funding will go towards scaling up operations across two newly created business divisions: health and therapeutics.
Is Biofourmis a unicorn?
A US$300 million Series D round has pushed Biofourmis, a Singapore-founded, Boston-headquartered company developing digital therapeutics and using artificial intelligence (AI) to monitor patients remotely, to unicorn status, with a total valuation of US$1.3 billion.
How many employees does Biofourmis have?
The company stands at about 500 employees today, in August 2022. Around 200 of those people are based in Greater Boston.
Valuation of Biofourmis?
The funding round has boosted Biofourmis’ valuation to more than $1 billion, according to executives. The series D investment was led by leading global growth equity firm General Atlantic.