Boston-based Biofourmis was one of the healthtech companies that was able to spring into action to help fight the COVID-19 pandemic. Back in early March, the company deployed hundreds of wearable sensors to people in Hong Kong in order to detect early signs of COVID-19. The company was able to do this because of its cloud-based health tracking platform that could measure readings of an individual’s vital signs.
Six months later, the COVID-19 pandemic has continued to spread, and the need for digital health tools like Biofourmis’ remains pressing. So the company is continuing its mission with the help of new funding.
On Thursday, Biofourmis announced that it raised $100 million in a Series C funding round led by SoftBank Vision Fund 2.
“COVID-19 is pushing remote monitoring and digital therapeutics to the forefront of medicine,” Biofourmis CEO Kuldeep Singh Rajput said in a statement.
This new Series C round dwarfs the company’s $35 million Series B from May of 2019. But the company has grown a lot in the past year. It has partnered with seven pharmaceutical companies and 10 healthcare systems, acquired wearable biosensor company Biovotion and digital therapeutics company Gaido Health. All this has led to what the company calls a significant increase in revenue.
With this new funding, the company plans to build out several digital therapeutics solutions geared toward treating cancer, respiratory problems, cardiac issues and pain. Biofourmis currently offers solutions like its “home hospital” initiative, which uses a remote monitoring AI platform to provide predictive care. It also offers a “beyond the pill” model, which combines drug treatments with digital tools that can help patients manage their condition.
This combining of medical care with tech-forward software tools is exactly what Biofourmis intends to offer with its digital therapeutics technology.
“In the last seven months, healthcare has fast-forwarded by at least five years,” Rajput said in a statement. “Despite a challenging global economic environment due to the COVID-19 pandemic, we expect that our latest funding round will accelerate Biofourmis’ plans to rapidly scale to support more healthcare provider, pharmaceutical and health plan clients across the world.”
