US-headquartered remote care technology developer Biofourmis secured $300m in series D funding yesterday from investors including pharmacy chain operator CVS Health at a $1.3bn valuation.
Growth equity firm General Atlantic led the round, which also featured undisclosed existing investors. It brought the total raised by Biofourmis to $445m, the company said.
Founded in Singapore in 2015, Biofourmis has built an artificial intelligence-driven software platform that helps healthcare professionals analyse medical data to provide specialist care for patients suffering from chronic conditions and diseases including heart failure, cancer and acute coronary syndrome.
Biofourmis had previously closed a $100m series C round in 2020 valuing it at $700m. The round was led by internet and telecommunications group SoftBank’s Vision Fund 2, which took part alongside MassMutual Ventures, a subsidiary of insurer Massachusetts Mutual Life, in addition to EDBI, Openspace Ventures and Sequoia Capital.
MassMutual Ventures had joined Sequoia India to co-lead a $35m series B round for the company the year before. Digital care service Jianke and Aviva Ventures, the corporate venturing arm of insurance firm Aviva, filled out that round along with EDBI, Openspace Ventures and SGInnovate.
Aviva Ventures and Openspace Ventures – then known as NSI Ventures – provided $5m in series A funding in 2017, which followed a $1m seed round co-led by care management tool proivder SpesNet and consultancy Eden Strategy the previous year.
Biofourmis also revealed Omar Ishrak, chairman of semiconductor and data technology producer Intel, has been appointed its chairman.
Ishrak said: “Biofourmis continues to push the boundaries as it evolves virtual care from reactive to predictive models that deliver continuous care and better health outcomes to patients while improving efficiencies and lowering costs for healthcare organisations. It is a win-win that is a true differentiator in the market.”
Image courtesy of Biofourmis.
