US-based healthcare analytics provider Biofourmis completed a $35m series B round on Tuesday that was co-led by insurance firm Massachusetts Mutual Life Insurance’s corporate venturing division, MassMutual Ventures.
Sequoia India, the Indian offshoot of venture capital firm Sequoia Capital, co-led the round, which included online healthcare platform Jianke and Aviva Ventures, the corporate venturing unit formed by insurance firm Aviva.
Singaporean state-backed vehicles EDBI and SGInnovate also took part in the round, as did VC firm Openspace Ventures.
Founded in 2015, Biofourmis is focusing on artificial intelligence-powered digital therapeutics, to personalise care for patients living with chronic conditions. Its platform consists of evidence-based therapeutic interventions, an app and a wearable biosensor.
The company was founded in Singapore, but intends to move its headquarters to Boston following the series B round. The cash injection and relocation to the US will help it advance its platform and drug pipeline while growing commercialisation activities in the US and Asia.
The money will also drive recruitment, particularly in the areas of data science, clinical and regulatory activities, sales and operations. The company is targeting a total headcount of more than 100 staff by the end of 2019.
Biofourmis raised $5m in a 2017 series A round backed by Aviva Ventures and OpenSpace (then known as NSI Ventures). Healthcare management technology producer SpesNet and consultancy Eden Strategy had co-led a $1m seed round for the company the year before.
