Biofourmis, which mixes AI-based information analytics and biosensors to watch the progress of medical remedies, has raised funding from one of many world’s most high-profile buyers. The digital therapeutics firm, which launched in Singapore and is now headquartered in Boston, introduced right this moment it closed a $100 million Collection C led by SoftBank Imaginative and prescient Fund 2, with participation from returning buyers Openspace Ventures, MassMutual Ventures, Sequoia Capital and EDBI.
The corporate’s final funding announcement was in Could 2019 for a $35 million Collection A led by Sequoia India and MassMutual, the enterprise capital arm of Massachusetts Mutual Life Insurance coverage Firm.
Biofourmis’ platform combines AI-based well being analytics and wearable sensors to assist healthcare suppliers gauge affected person progress and the effectiveness of medicine and different remedies. The corporate, based in 2015 by chief government Kuldeep Singh Rajput and managing director Wendou Niu, mentioned that is the most important funding for a healthtech startup in Southeast Asia so far. Along with Boston and Singapore, Biofourmis additionally has places of work in Switzerland and India.
Since its Collection A funding, Biofourmis has grown via a sequence of partnerships with seven pharmaceutical corporations and 10 well being programs, together with Novartis, AstraZeneca, and Mayo Clinic. Biofourmis additionally made a number of acquisitions, together with wearable biosensor startup Biovotion and Gaido Well being, a digital therapeutics firm for most cancers sufferers.
The funding shall be used to validate and produce new digital therapeutic options for cardiology, respiratory, oncology and ache remedies to the market. Biofourmis additionally plans to increase in the USA and Asia-Pacific markets together with China and Japan.
Biofourmis additionally mentioned right this moment that it’s realigning its inner operations into two verticals: Biofourmis Therapeutics, which companions with corporations like AstraZeneca and Chugai to created software program that may assist elevated the efficacy of drug remedies, and Biofourmis Well being, a “dwelling hospital” platform that permits well being suppliers to watch sufferers remotely as they transition out of acute care. Biofourmis Well being focuses on coronary heart failure, coronary artery illness, respiratory diseases and most cancers.
EDBI is an funding agency linked to Singapore’s authorities, and appears for startups that may assist advance the nation’s industries, together with healthcare. Biofourmis’ funding from EDBI is a strategic funding, and its expertise is being utilized in Singapore because it copes with repeated outbreaks of COVID-19.
Introduced final July, SoftBank Imaginative and prescient Fund 2 launched with $108 billion to put money into AI-based expertise. The primary Imaginative and prescient Fund is dealing with heavy losses stemming largely from its investments in WeWork and Uber, so the efficiency of Imaginative and prescient Fund 2’s give attention to markets together with healthtech (its different investments within the area embrace pharmaceutical supply startup Alto and life sciences firm Karius) is being carefully watched.
In a press assertion, SoftBank Funding Advisers accomplice Greg Moon mentioned, “We consider predictive well being is the way forward for medication and Biofourmis is a frontrunner in utilizing AI and machine learning-based fashions to advance digital therapeutics.”