MassMutual Ventures backs digital therapeutics company Biofourmis
Boston-based digital therapeutics company Biofourmis has raised a $100 million Series C financing round led by SoftBank Vision Fund 2, with participation by existing investors Openspace Ventures, MassMutual Ventures, Sequoia Capital and EDBI.
In May 2019, Biofourmis closed its $35 million Series B round. Since that time, the company says it has increased its revenue significantly through new partnerships and growth with seven pharmaceutical companies and 10 health systems globally. Biofourmis also made major acquisitions during that time, including wearable biosensor leader 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. With this new funding, we will accelerate our global expansion, advance our digital therapeutics pipeline, develop additional care pathways and drive deeper integration with our health system, hospital, pharmaceutical and clinical research clients and partners.” – Biofourmis CEO Kuldeep Singh Rajput.
In addition, Biofourmis will use the funding 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.
“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. We are excited to partner with Biofourmis and support their mission of using AI and wearables data to enable personalized care.” – Greg Moon, Managing Partner, SoftBank Investment Advisers.
Established in Singapore in 2015, Biofourmis combines AI, evidence-based therapeutic interventions, a patient-facing app, and FDA-approved wearable biosensors to optimize patient care and health outcomes. The components work synergistically to drive patient adherence to medication regimens. By remotely monitoring and analyzing physiological signals, the AI-powered digital therapeutics technology can predict and prevent adverse events.