With this main bounce from final Could’s $35 million Sequence B, the corporate is now sitting on greater than $140 million in enterprise capital.
WHAT IT DOES
Biofourmis picked up steam over the past couple of years with a biomarker- and information analytics-driven affected person monitoring platform referred to as Biovitals. Sufferers could be supplied with a proprietary wearable and a related app, whereas a synthetic intelligence takes within the information to identify issues earlier than they happen and relay the knowledge to a dashboard. The corporate pitched the instruments to scientific care suppliers and drugmakers excited about monitoring responses to in-development remedies.
However over the previous yr or so the corporate has been steadily increasing its focus to the burgeoning digital therapeutics house, and alongside the funding information has introduced new divisions inside its enterprise.
The Biofourmis Well being unit will proceed with the Biovitals platform to offer distant monitoring and analytics-supported care administration, whereas the Biofourmis Therapeutics division will give attention to “growing clinically validated software-based therapeutics to deal with and handle sufferers with unmet scientific wants,” the corporate stated. These merchandise will probably be designed to work both as an impartial therapy or as a companion to confirmed pharmacotherapies.
WHAT IT’S FOR
As a part of the shift, Biofourmis stated that it could be utilizing the brand new capital to develop, validate and commercialize digital therapeutics. These merchandise will tackle cardiology, respiratory, oncology and ache, the corporate stated, and be deployed inside the U.S. and sure Asian areas.
“COVID-19 is pushing distant monitoring and digital therapeutics to the forefront of drugs,” CEO Kuldeep Singh Rajput stated in a press release. “Our imaginative and prescient is to make use of digital medication to empower sufferers, clinicians and researchers in all places by offering software-as-a-treatment for sufferers with unmet scientific wants, from post-acute care to optimum remedy remedy. With this new funding, we’ll speed up our world enlargement, advance our digital therapeutics pipeline, develop extra care pathways and drive deeper integration with our well being system, hospital, pharmaceutical and scientific analysis shoppers and companions.”
The previous yr noticed Biofourmis purchase Biovotion, a wearable biosensor maker, and Takeda Prescription drugs’ Gaido Well being, an oncology digital therapeutics firm, to assist the Boston firm compete in each of its focus areas.
In regard to data-driven well being monitoring, the corporate is competing with a rising handful of corporations that use wearables and related vitals screens to trace sufferers’ circumstances. A few of these embody Present Well being, Datos Well being, EarlySense and Spry Well being.
The digital therapeutics house, in the meantime, remains to be working to outline its function within the broader healthcare and pharma market. This space has not too long ago seen regulatory wins and big-name bankruptcies, and most not too long ago a brand new coalition of shopper tech and digital well being corporations pushing for industry-wide requirements relating to the novel know-how.
ON THE RECORD
“Within the final seven months, healthcare has fast-forwarded by not less than 5 years,” Rajput stated. “Regardless of a difficult world financial surroundings as a result of COVID-19 pandemic, we anticipate that our newest funding spherical will speed up Biofourmis’ plans to quickly scale to assist extra healthcare-provider, pharmaceutical and health-plan shoppers the world over. We are going to proceed to drive an evolution towards a extra personalised and predictive distant technique of care supply that sufferers desire and that allows higher outcomes.”