Biofourmis Raises $100 Mn In Series C Round Led By SoftBank
Biofourmis will utilize the fresh fund to expand its operation globally and advance its digital therapeutics pipeline
Biofourmis, an Asia-born global leader in digital therapeutics on Thursday announced that it has raised $100 million in Series C round led by Softbank Vision Fund 2. Existing investors such as Openspace Ventures, MassMutual Ventures, Sequoia Capital and EDBI too participated in the round.
According to the Biofourmis' chief executive officer (CEO) - Kuldeep Singh Rajput, the fresh funds will be utilized to accelerate Biofourmis' global expansion, advance its digital therapeutics pipeline,develop additional care pathways and drive deeper integration with its health system, hospital, pharmaceutical and clinical research clients and partners.
The funds will further be used 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.
"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."
"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."
The company in May 2019, raised $35 million in Series B Round and since then has increased its revenue significantly banking on partnerships and growth with seven pharmaceutical companies and 10 health systems globally. The healthtech platform has also acquired Biovotion - a biosensor company and Takeda Pharmaceuticals' Gaido Health.
Along with the funding, the company has also announced its internal operations to enable deeper integration with clients and partners and to support ongoing innovation. The new business structure will include - Biofourmis Therapeutics and Biofourmis Health.