USA – Biofourmis, an AI-backed remote monitoring and digital therapeutics company, raised a whopping US$300 million in Series D funding, that it plans to put toward growing its virtual care solutions, and propelling the company to unicorn status with a US$1.3 billion valuation.
General Atlantic led the round, with participation from CVS Health and existing investors Openspace Ventures and EDBI. According to Biofourmis, the Series D round brings the company’s total funding to US$445 million.
Biofourmis’ business is divided into two parts: care at home and digital therapeutics. Though the company is developing a pipeline of digital therapies, its heart failure tool is the closest to commercialization.
The BiovitalsHF software, which aims to monitor patients and assist them in optimizing their medication dosage, was designated as a Breakthrough Device by the FDA in July.
Biofourmis remotely monitors acute and post-acute patients using home care tools, alerting a care team when their condition deviates from their personal baseline.
Earlier this year, the company launched Biofourmis Care, its own virtual specialty care platform focused on managing patients with chronic conditions such as heart failure and diabetes.
Biofourmis intends to use the funds to invest in clinical trials to develop digital biomarkers and expand its digital therapeutics pipeline.
In addition, the company intends to expand its virtual care and remote monitoring business, including its specialty care platform, with providers and pharmaceutical companies.
Biofourmis, on the other hand, is interested in collaborating with the value-based care market.
Biofourmis currently has five collaborations with drug candidates in cardiology, oncology, and pain. Heart failure, atrial fibrillation, hyperlipidemia, and coronary artery disease are among the cardio indications being studied by the company.
Biofourmis entered the oncology space in 2020 with the acquisition of Gaido Health, a remote monitoring technology developed by Takeda Pharmaceutical for cancer patients.
Biofourmis is focused on monitoring cancer patients undergoing chemotherapy and radiation treatment, as well as those who have received CAR T treatment, a type of cell therapy that can have dangerous side effects, according to Rajput. Biofourmis is working on technologies to manage acute and chronic pain.
Other players in remote monitoring space
Other players in the remote monitoring space include Athelas, which raised US$132 million earlier this year; Current Health, which was recently acquired by Best Buy; and Cadence, a newer entrant focused on chronic conditions that raised US$100 million in late 2021.
Biofourmis’ most recent funding round took place in September 2020, when it received US$100 million in Series C funding.
Meanwhile, according to CB Insights, digital health funding fell in the first quarter of this year. In Q1, there were only 27 mega-rounds, or deals worth US$100 million or more, compared to 43 in Q4.