Singapore-founded healthtech startup Biofourmis on Thursday announced that it closed a USD 100 million Series C round led by SoftBank Vision Fund 2. The investment nearly triples the firm’s valuation to USD 700 million, according to Bloomberg. Other participants include existing investors Openspace Ventures, MassMutual Ventures, Sequoia Capital, and EDBI.
Biofourmis intends to use the fresh capital to accelerate its expansion and develop more digital therapeutics solutions. “COVID-19 is pushing remote monitoring and digital therapeutics to the forefront of medicine,” said CEO Kuldeep Singh Rajput. “Our vision is to use digital medicine to empower patients, clinicians, and researchers everywhere by providing software-as-a-treatment for patients with unmet clinical needs.”
Founded in 2015, Biofourmis was initially based in Singapore before moving its headquarters to Boston in 2019. The startup utilizes AI and machine learning to deliver software-based, data-driven therapies that enable personalized predictive care.
The firm has also restructured its internal operations. Its new business structure will comprise two verticals: Biofourmis Therapeutics, which focuses on producing digital therapies, and Biofourmis Health, which centers on virtual care models that allow patients to be monitored remotely.
The COVID-19 pandemic has increased demand for new healthcare technologies in areas like telemedicine, online pharmacies, and vaccine development. Healthtech firms raised a total of USD 9.1 billion worldwide in the first half of 2020, an increase of nearly 19% compared to the same period last year.