Rajput added that with the new funding, the company will accelerate its 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.
Health-tech company Biofourmis on September 3 said it has raised $100 million (about Rs 733.7 crore) in funding led by SoftBank Vision Fund 2. The series C round also saw participation by existing investors Openspace Ventures, MassMutual Ventures, Sequoia Capital and EDBI, a statement said.
In May last year, Biofourmis closed its $35 million series B round. Since that time, the company has increased its revenue significantly through new partnerships and growth with seven pharmaceutical companies and 10 health systems globally, the statement said.
Biofourmis also made major acquisitions during that time, including wearable biosensor company Biovotion and Takeda Pharmaceuticals' oncology-focused digital therapeutics company, Gaido Health.
"COVID-19 is pushing remote monitoring and digital therapeutics to the forefront of medicine. 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," Biofourmis CEO Kuldeep Singh Rajput said.
He added that with the new funding, the company will accelerate its 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.
In addition, Biofourmis will use the funding for developing, validating and commercialising several released and unreleased digital therapeutics solutions across cardiology, respiratory, oncology and pain, with a focus on the US and key Asian markets, including Asia Pacific, China and Japan, the company said.
"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," Greg Moon, Managing Partner at SoftBank Investment Advisers, said.
In conjunction with the series C financing announcement, Biofourmis has announced an alignment of its internal operations to "enable deeper integration with clients and partners and to support ongoing innovation". The new business structure will include two verticals – Biofourmis Therapeutics and Biofourmis Health.
Biofourmis Therapeutics will focus on pioneering an entirely new category of medicine by developing clinically validated software-based therapeutics to treat and manage patients with unmet clinical needs. Biofourmis Health will focus on virtual care models to manage patients remotely as they transition from acute to post-acute care.
"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 personalised and predictive remote method of care delivery that patients prefer and that enables better outcomes," Rajput said.