in

Health AI Startup Biofourmis Hits $1.3 Billion Valuation With Series D Funding

Kuldeep Singh Rajput, cofounder and CEO of Biofourmis.
Kuldeep Singh Rajput, cofounder and CEO of Biofourmis. BIOFOURMIS

Boston, MA., April 26 2022 (Forbes) — Biofourmis, a startup developing digital therapeutics and artificial intelligence to remotely monitor patients, said its valuation hit $1.3 billion after raising a $300 million Series D funding round led by General Atlantic.

The Boston-based company said CVS Health joined the round, along with existing investors, and also announced Omar Ishrak, chairperson of Intel and former CEO of Medtronic, will chair its board. Biofourmis had previously raised a $100 million round in September 2020 led by SoftBank Investment Advisers at an undisclosed valuation. This Series D round brings the company’s total funding to $445 million.

Originally based in Singapore, Biofourmis moved its headquarters to the United States in 2019. Cofounder and CEO Kuldeep Singh Rajput said the company turned down offers of a higher valuation in favor of U.S.-based investors “who understand this market extremely well” and “understand the payor landscape and value-based care,” which are key to future growth. Rajput, an alum of the 2019 Forbes Asia 30 Under 30 list, says Biofourmis has grown from around 150 employees at the time of its Series C to 500 employees today.

The core of the company’s business is using artificial intelligence to monitor patients and predict disease, which includes hardware sensors paired with software that continually analyzes biomarkers, like heart rate, temperature and respiration rate. The analytics software received FDA clearance in 2019. “What caught my attention very early is that this was the only company that I’ve seen which has created this library of biomarkers, which are close to real-time in nature,” says Ishrak. “You can optimize and personalize the care of a patient, which makes a dramatic difference to the outcome and through that the cost of healthcare.”

Biofourmis uses the same foundational technology for its two main lines of business. The first involves working with pharma 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 can help reduce hospital readmissions. The second involves working with health systems and insurers to manage the care of patients at home. This includes what’s known as “hospital-at-home” programs for urgent conditions, as well as longer-term solutions for chronic disease. Biofourmis is now providing care and taking on risk in value-based contracts where payments are tied to patient outcomes.https://buy.tinypass.com/checkout/template/cacheableShow?aid=Yj2fRrCPpu&templateId=OTMNB56G6EFU&templateVariantId=OTVIXR4OZVTRX&offerId=fakeOfferId&experienceId=EX9KLPB5YG32&iframeId=offer_46f8dd82a541bd301081-1&displayMode=inline&pianoIdUrl=https%3A%2F%2Fauth.forbes.com%2Fid%2F&widget=template&url=https%3A%2F%2Fwww.forbes.com

Rajput says the company is licensed as a provider in 6 states and is working with insurers, including Humana in Florida. These contracts are currently focused on managing cardiac care, including patients with heart failure and irregular heart rhythms known as atrial fibrillation. Continually monitoring cardiac patients can help doctors make faster decisions in response to changing signals that could help reduce complications and improve their long-term outlook.

Source: https://www.forbes.com/sites/katiejennings/2022/04/26/health-ai-startup-biofourmis-hits-13-billion-valuation-with-series-d-funding/?sh=1e8c0f0d14a2

Headlines

Dentsply Sirona appoints interim executives amid leadership reshuffle

Headlines

Pheast Raises $76M in Series A Funding to Train the Immune System to Feast on Cancer