Biofourmis, an AI health IT company based in Singapore, today announced that it’s raised $35 million in a series B financing round led by Sequoia Capital’s Sequoia India and MassMutual Ventures, with participation from Singapore government-linked strategic investor EDBI, Chinese online health care platform Jianke, Openspace Ventures, Aviva Ventures, and SGInnovate. It brings the company’s total raised to over $40 million, according to Crunchbase, and will fuel its ongoing commercialization efforts in the U.S. and Asia and the growth of its data science, clinical and regulatory, and sales and operations teams.
By the end of 2019, the Biofourmis aims to have a workforce north of 100 employees in the U.S. and Singapore, said founder and CEO Kuldeep Singh Rajput, and the firm plans to move its Singapore headquarters to Boston following an expansion of its offices stateside.
“Our core focus has always been to optimize therapies to augment patient care and health outcomes,” said Rajput, who cofounded Biofourmis with chief privacy officer Wendou Niu in 2015. “The past year was filled with exciting achievements as our team made great strides in advancing our products, in addition to strengthening our regulatory platform and signing contracts with numerous global pharmaceutical firms. Our new funds will allow us to … further [demonstrate] the clinical efficacy of our digital therapeutics platform through research and development.”
Rajput says that furthermore, Biofourmis will invest in developing treatment products with “biopharmaceutical approaches” including randomized clinical trials and clinical data generation, and say it’ll pursue collaborations with partners like American Heart Association’s Center for Health Technology Innovation’s Innovator Network, the Mayo Clinic, and Novartis. “Our [future] products [will] … have treatment claims akin to a drug, and they [will] need to be prescribed by a clinician,” said Rajput. “Insurance providers [will] then reimburse for the treatment just as they do with pharmaceuticals and therapeutic medical devices … We aim to use them as a distribution channel to commercialize our digital therapeutics product in combination with a therapy — either as a value-added service or as companion therapeutics.”
Biofourmis describes its end-to-end Biovitals platform as a “physiology-based data analytics engine” for health care providers, payers, and pharmaceutical companies. A suite of algorithms continuously ingests data from patient health histories and FDA-approved wearable biosensors to create biomarkers reflecting overall health, and to generate disease- and therapy-specific models for heart failure, pain, myocardial infarction, neurology, oncology, and other maladies.
Biofourmis claims that Biovitals can detect changes in health “days” earlier than traditional screenings, and it ties in with electronic health record (EHR) systems, enabling the service to alert clinicians when intervention might be necessary. Additionally, the Biovitals’ biomarkers inform individualized nutrition, fitness, and treatment regimens and reminders patients receive through Biofourmis’ companion smartphone app.
Biofourmis’ other spotlight product — BiovitalsHF — is designed to facilitate heart failure patient monitoring with tools that deliver insight regarding treatment effectiveness, drug dosage variances, and adverse reactions. The company says it’s being used by some of its customers in conjunction with pharmacotherapy to provide in-home care, chiefly toward reducing hospital readmissions and limiting emergency room visits.
“Sequoia India is excited to lead this round investing in Biofourmis, an innovative health tech startup with the potential to intuitively deliver improved patient outcomes,” said Sequoia Capital India Advisors principal Anjana Sasidharan. “They have already aligned with credible, high-quality institutional partners to successfully transition digital therapeutics from concept to reality — and we are impressed with the team’s vision and ability to use technology to scale their products globally.”