Health Analytics Platform Biofourmis Raises $100 Million

Biofourmis, developer of Biovitals, a personalized AI-powered health analytics platform, raised $100 million in a Series C financing.

The round was led by SoftBank Vision Fund 2, with participation from existing investors Openspace Ventures, MassMutual Ventures, Sequoia Capital, and EDBI.

The latest round comes just four months after a $35 million Series B round in May 2020. The company says it has increased its revenue significantly through new partnerships and growth with seven pharmaceutical companies and ten health systems.

Recently, Biofourmis acquired Gaido Health (an oncology-focused remote patient monitoring platform) and Biovotion, a Zurich-based developer of a wearable biosensor platform. The terms of the acquisitions were not disclosed.

Biofourmis will use the new funds for developing, validating, and commercializing digital therapeutics solutions across cardiology, respiratory, oncology, and pain, with a focus on the United States and key Asian markets, including Asia Pacific, China, and Japan.

“In the last seven months, healthcare has fast-forwarded by at least five years,” Rajput said. “Despite a challenging global economic environment due to the COVID-19 pandemic, we expect that our latest funding round will accelerate Biofourmis’ plans to rapidly scale to support more healthcare provider, pharmaceutical, and health plan clients across the world. We will continue to drive an evolution toward a more personalized and predictive remote method of care delivery that patients prefer, and that enables better outcomes.”

Biofourmis, founded in 2015, has raised over $150 million to date. The company employs more than 130 people with an office in Boston, Massachusetts.

Healthcare analytics companies have raised $826 million in the first half of 2020. Recently, Sema4, a patient-centered healthcare data analytics platform, announced that funds managed by BlackRock led its Series C financing round of $121 million at a post-money valuation of over $1 billion. Sema4 is a spun out of the Mount Sinai Health System in June 2017.