Subscribe to the Crunchbase Daily
The idea behind Boston-based Biofourmis is to predict diseases before they happen to improve patients’ health outcomes. The company offers patient-facing tools like wearable biosensors and an app to report symptoms, along with clinician-facing tools to allow for remote monitoring.
Biofourmis is focused on three broad areas of therapeutics: cardiovascular, respiratory, and oncology, according to CEO Kuldeep Singh Rajput. With the new funding, the company will structure itself to have two major divisions: Biofourmis Therapeutics and Biofourmis Health.
“I think this whole financing will give us a fantastic opportunity to scale up our health business commercially…but also enable us to expand our pipeline,” Rajput said in an interview with Crunchbase News.
The company said it plans to use the funding to develop, validate, and commercialize released and unreleased digital therapeutics products and services.
In the first quarter of the year, Biofourmis was looking to raise a smaller round to scale up its operations in the United States. The company met with SoftBank in mid-May and started discussing the opportunity to enter new markets. It ended up raising $100 million.
Since May 2019, Biofourmis has signed up more than 20 customers, mostly large pharma companies and hospital systems in the United States and internationally (about 75 percent of Biofourmis’ customers are pharma companies, and the rest are hospitals). The U.S. is Biofourmis’ largest market, followed by Asia Pacific.
Demand for remote monitoring has risen because of the COVID-19 pandemic. In the first half of 2020, Biofourmis’ revenue has grown 10 times more than all of 2019, Rajput said. Biofourmis will outperform its 2020 projections, he added.
SoftBank’s Vision Fund II led the new round, with participation from existing investors EDBI, MassMutual Ventures, Openspace Ventures, and Sequoia Capital. The company last raised money with its $35 million Series B round in May 2019. The Series C round brings Biofourmis’ total funding to about $145 million.
Illustration: Li-Anne Dias