Biofourmis, a startup that uses AI-based data analytics and biosensors to monitor the progress of medical treatments has bagged an investment of $100 million from the world’s most high-profile investors.
Biofourmis closes $100 million deal led by SoftBank Vision Fund 2 and its previous investors
The digital therapeutics company which is headquartered in Boston closed this deal of $100 million Series C led by SoftBank Vision Fund 2, with participation from previous investors Openspace Ventures, MassMutual Ventures, Sequoia Capital, and EDBI.
EDBI is an investment firm associated with the Singapore government. It looks for startups that can assist the country in making progress in several industry sectors, including healthcare. EDBI’s investment in Biofourmis is a strategic move since its technology can be used in Singapore as it is dealing with repeated outbreaks of COVID-19.
Biofourmis raises a total of $145 million
The company had last received funding in May 2019. It amounted to $35 million Series B led by Sequoia India and MassMutual. The company has now raised a total of $145 million. Since this funding, the startup has grown through several partnerships. These include seven pharmaceutical companies and 10 health systems, including Novartis, AstraZeneca, and Mayo Clinic.
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Biofourmis also made various acquisitions, which include biosensor startup Biovotion and Gaidu Health, a digital therapeutics firm for cancer patients. This investment will be used to research and bring to market new digital therapeutic solutions for cardiology, respiratory, oncology, and pain treatments. The startup plans to expand its operations in the US and Asia Pacific markets, which include China and Japan.
Predictive health the future of medicine, says Greg Moon, the SoftBank Investment Advisors partner
SoftBank Vision Fund 2 was launched in July with $108 billion to invest in AI-based technology. The first vision fund experienced heavy losses since a large chunk of its investments were in WeWork and Uber. Hence, the performance of Vision Fund 2 with its major investments in the health tech market is being closely watched.
Greg Moon, the SoftBank Investment Advisors partner said that they believe predictive health is the future of medicine. Biofourmis is a leader in using AI and machine learning-based models to make progress in digital therapeutics.
Biofourmis was founded in 2015 by its chief executive officer Kuldeep Singh Rajput and managing director Wendou Niu. It was launched in Singapore and later headquartered in Boston. In addition to Singapore and Boston, it has offices in Switzerland and India.