Leifeng.com news, medical AI company Biofourmis recently announced that it has completed a $300 million Series D financing. This round of financing was led by American General Atlantic Investment Group. After the financing, the company was valued at $1.3 billion. Headquartered in Boston, Biofourmis is a startup developing digital therapeutics and artificial intelligence remote patient monitoring systems.
It is reported that the US healthcare giant CVS Health participated in this round of financing together with other investors, and Omar Ishrak, chairman of Intel and former CEO of Medtronic, will serve as chairman of the board.
Biofourmis previously closed a $100 million funding round led by SoftBank in September 2020, but did not disclose a valuation at the time. The Series D financing brings the company’s total assets to $445 million.
Biofourmis was originally headquartered in Singapore and relocated to the United States in 2019. Its co-founder and CEO, Kuldeep Singh Rajput, said the company had turned down proposals to offer higher valuations to U.S. investors who “know the market very well” and “understand the client’s situation and value-based care”, This is the key to the company’s future growth.
Biofourmis co-founder and CEO Kuldeep Singh Rajput
Rajput, who was included in the 2019 Forbes Asia 30 under 30 elite list, said that Biofourmis has grown from about 150 employees at the time of the C round of financing to 500 employees today.
The company’s core business of monitoring patients and predicting disease using artificial intelligence includes hardware sensors and analytics software that continuously analyzes biomarkers such as heart rate, temperature and respiratory rate, and was approved by the FDA in 2019.
“The first thing that caught my attention was that this was the only company I’ve seen that created a biomarker library that was able to record biomarkers in near real-time,” Ishrak said. “Companies can use these metrics to optimize and personalize patient care, which will have a huge impact on Outcomes of care have a huge impact, leading to lower healthcare costs.”
Biofourmis uses the same underlying technology across its two business areas.
The first involved partnering with pharmaceutical companies to monitor patients taking certain medications, as well as developing digital therapeutics in-house. For example, monitoring heart failure patients taking Novartis’ drug Entresto to help reduce second hospital admissions.
The second business is working with health systems and insurance companies to manage patients’ home care. These include “home hospital” programs for emergencies, as well as long-term solutions for chronic conditions. Biofourmis has already started providing the above services to patients and is taking the risks mentioned in the contract – the payment of contractual payments is linked to the outcome of the patient’s care.
Rajput said Biofourmis is licensed to sell in six U.S. states and has partnered with a number of insurers, including Florida-based Humana.
The contracts currently signed focus on the management of cardiac care, such as patients with heart failure and arrhythmias. Continuous monitoring of such patients can help physicians make quicker decisions to respond to changing conditions, help reduce patients’ complications and improve their long-term conditions.
This round of financing will be used for clinical trials of Biofourmis’ digital therapeutics, expansion of the home care business, and future merger and acquisition plans.
The company’s ultimate goal, Rajput said, is for the two business lines to complement each other: “What we’ve done in home care, as well as in simulated specialty care, is to build a distribution channel to commercialize our digital therapeutics in the future.”
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