Health AI Startup Biofourmis Raises $1.3 Billion in Series-D Funding.
Bioform, a start-up that develops digital therapies and artificial intelligence for remote patient monitoring. Said it was worth $1.3 billion after raising $300 million in a series of Series-D funding under the direction of General Atlantic.
In addition, the Boston-based company said CVS Health is joining the circle with existing investors and announced that Omar Ishrak, Intel chairman and former CEO of Medtronic, will chair the board. Bioform raised $100 million in September 2020, led by SoftBank Investment Advisers in unpublished estimates. This D-Series round brings the company’s total funding to $445 million.
Initially based in Singapore, Biofourmis moved its headquarters to the United States in 2019.
Co-founder and CEO Kuldip Singh Rajput said the company had turned down offers for a higher rating in favor of US investors “who only understand this market.” Understand the payment-based care landscape and value-based,” which is the key to future growth. Rajput, a 2019 graduate of Forbes Asia 30 Under 30, said Biofourmis has grown from around 150 employees during the C-Series to 500 employees today.
The company’s business uses artificial intelligence for patient monitoring and disease prediction. Including hardware and software that continuously analyzes biomarkers such as heart rate, temperature, and respiratory rate. The FDA approved the analysis software in 2019. What surprise me from the start was that it was the only company I saw. That created a biomarker library that was nearly real-time in nature,” he said. “They can streamline and personalize patient care, which dramatically impacts outcomes and healthcare costs.”
Bioform uses the same basic technology for its two main areas of activity.
The first involves working with pharmaceutical companies to monitor patients taking certain medications and developing digital therapies at home. For example, watching heart failure patients taking Entresto with Novartis can help reduce relapse in the hospital.
The second involves working with the health care system and insurance companies to manage patient care at home. These include so-called home hospital emergency programs and long-term solutions for chronic illness. In addition, Biofourmis now provides care and assumes the risk in a value-base contract where payment is link to patient outcomes.