Biofourmis, a digital therapeutics provider, announced that it has closed US$35 million in Series B financing. The company also said it plans to move its headquarters from Singapore to Boston but will continue to expand its activities in Singapore.
The funding was led by Sequoia India, part of Sequoia Capital, and MassMutual Ventures SEA, the venture fund of Massachusetts Mutual Life Insurance Company (MassMutual). Singapore government-linked investor EDBI and Chinese online healthcare platform Jianke also participated in the round, along with existing investors Openspace Ventures, Aviva Ventures, and SGInnovate.
Biofourmis’ digital therapeutics platform helps treat and manages a range of complex chronic conditions.
With the funding, the company said it will focus on growing its solution that combines AI, drug therapy information, wearable sensors and a smartphone app to deliver better patient outcomes. Biofourmis also plans on growing its teams focused on data science, clinical management, regulations, sales and operations.
“Our core focus has always been to optimize therapies to augment patient care and health outcomes,” said Kuldeep Singh Rajput, founder, and CEO of Biofourmis.
Biofourmis was established in Singapore in 2015 and is a patient-facing companion app. It also has a U.S. Food and Drug Administration (FDA)-approved wearable biosensor to optimise patient care and health outcomes.
The components work in synergy to drive patient adherence to medication regimens. The digital therapeutics technology can predict and prevent adverse events by remotely monitoring and analysing physiological signals.
The company built a platform called BiovitalsTM, which is based on clinical evidence that drug-software combinations can enhance clinical effectiveness. BiovitalsTM is used in tandem with Biofourmis’ lead product, BiovitalsHFTM, which is the first prescription software that utilises wearable biosensors and pharmacotherapy to manage and support patients diagnosed with heart conditions.
Once activated, a treatment algorithm dynamically prescribes guideline-directed therapies while driving adherence to the care plan through an interactive smartphone app.
“Biofourmis has already aligned with credible, high-quality institutional partners to transition digital therapeutics from concept to reality—and we support the team’s vision and ability to use technology to scale their products globally,” said Anjana Sasidharan, Principal, Sequoia Capital India Advisors.
Going forward, the company said it will continue developing its product and treatment algorithms via randomised clinical trials that generate data to demonstrating safety and efficacy.
“Our products would then have treatment claims akin to a drug, and they would need to be prescribed by a clinician,” Kuldeep explained.
“Insurance providers could then reimburse for the treatment just as they do with pharmaceuticals and therapeutic medical devices. Hence our commercialisation strategy will involve forming partnerships with global pharmaceutical companies. We aim to use them as a distribution channel to commercialise our digital therapeutics product in combination with a therapy—either as a value-added service or as companion therapeutics.”
So far, Biofourmis has formed key collaborations with healthcare stakeholders, including its membership in the American Heart Association’s Center for Health Technology & Innovation’s Innovator Network to deliver personalised software-based interventions.