US-based healthcare analytics provider Biofourmis completed a $100m series C round today led by internet and telecommunciations group SoftBank’s Vision Fund 2.
MassMutual Ventures, the corporate venture capital arm of insurance firm Massachusetts Mutual Life Insurance, also took part in the round, as did Singaporean state-owned investment fund EDBI and venture capital firms Openspace Ventures and Sequoia Capital.
Biofourmis has created an artificial intelligence-equipped software platform that analyses health data to help physicians to provide personalised predictive care for conditions ranging from heart failure and cancer to infectious diseases, acute coronary syndrome and chronic pain.
The company acquired wearable biosensor producer Biovotion in November 2019 and Gaido Health, the developer of a remote cancer patient monitoring tool that was founded by pharmaceutical firm Takeda, in April this year.
The series C funding will support international expansion for Biofourmis, bolster the development of its digital therapeutics offering along with support for additional conditions, and allow the company to pursue further integration with its clients and partners.
Biofourmis is also restructuring its business into two distinct areas: Biofourmis Therapeutics, which will focus on the development of digital therapies, and Biofourmis Health, which will leverage the company’s at-home patient monitoring capabilities.
Greg Moon, managing partner at SoftBank Investment Advisers, said: “We believe predictive health is the future of medicine and Biofourmis is a leader in using AI and machine learning-based solutions to advance digital therapeutics.
“We are excited to partner with Biofourmis and support their mission of using AI and wearables data to enable personalised care.”
MassMutual Ventures and Sequoia India, a local offshoot of Sequoia Capital, co-led the company’s $35m series B round in May 2019, investing with online healthcare platform Jianke and Aviva Ventures, the VC arm of insurance provider Aviva, as well as EDBI, Openspace Ventures and SGInnovate.
Aviva Ventures and Openspace Ventures (then called NSI Ventures) contributed to a $5m series A round for Biofourmis in 2017, the year after healthcare management technology producer SpesNet and consulting firm Eden Strategy had co-led its $1m seed round.
