Biofourmis, an Artificial Intelligence-driven health tech platform, has reportedly clinched USD35 million in Series B funding round to advance its proprietary AI-powered digital therapeutics platform and pipeline that treats and manages an assortment of intricate chronic conditions. As reinventing remote patient monitoring services, Biofourmis received this fresh capital from Sequoia Capital/Sequoia India and co-led by Mass Mutual. The company integrates AI, evidence-based therapeutic interventions, a patient-facing companion app, and U.S. FDA-approved wearable biosensors to ameliorate patient care and health outcomes.
Biofourmis, which was founded in 2015, will expand its commercialization efforts to the United States and Asia and raise its teams focused on data science, clinical and regulatory, and sales and operations. Through remotely monitoring and assessing physiological signals, the AI-powered digital therapeutics technology can spot and thwart adverse events. The company’s proprietary digital therapeutics platform, called BiovitalsTM, is based on emerging clinical evidence that drug-software combinations can improve clinical effectiveness. The platform is utilized in tandem with Biofourmis’ lead product, BiovitalsHFTM, which is the first prescription software that leverages wearable biosensors and pharmacotherapy to manage and support patients diagnosed with heart failure.
Biofourmis Founder and CEO Kuldeep Singh Rajput said that “our core focus has always been to optimize therapies to augment patient care and health outcomes.” According to him, “The past year was filled with exciting achievements as our team made great strides in advancing our products, in addition to strengthening our regulatory platform and signing contracts with numerous global pharmaceutical firms. Our new funds will allow us to rapidly expand our workforce and commercialization efforts, while further demonstrating the clinical efficacy of our digital therapeutics platform through research and development.”
Currently, Biofourmis has a number of U.S.-based customers and end users, payers, providers or major health systems and biopharmaceutical companies. The company’s technology can be embedded for intelligent patient monitoring and predictive disease management. As per the report, the company aims to cultivate more than 100 employees in the United States and Singapore by the end of this year.