Asia digest: Biofourmis acquires Biovotion; Funding Societies partners Carsome

Kuldeep Singh Rajput (27), Founder and CEO at Biofourmis

Singapore-founded digital therapeutics platform Biofourmis has acquired a Swiss firm, while peer-to-peer (P2P) lending firm Funding Societies Malaysia has partnered with car marketplace Carsome.

Biofourmis acquires Switzerland-based Biovotion

Biofourmis, a Boston-based digital therapeutics firm, on Monday announced that it has acquired Switzerland-based Biovotion AG, a developer of a clinical-grade wearable biosensor platform.

The acquisition includes all of Biovotion’s assets, including its Everion biosensor and more than 60 global patents, covering most of the wearable and sensor technology for the arm or hand.

The acquisition enables Singapore-founded Biofourmis to offer proprietary, clinical-grade wearables to provide real-time physiological data, which was previously only available in clinical settings.

Biofourmis claims its software-based digital therapeutics can predict and provide better outcomes for patients, including chronic conditions such as heart failure, COPD and coronary artery disease.

The company has also partnered with global healthcare company Novartis on a commercial project for managing patients with heart failure.

In May this year, Biofourmis raised a Series B financing round of $35 million led by Sequoia India and MassMutual Ventures SEA, the venture fund of Massachusetts Mutual Life Insurance Company.

Singapore’s EDBI and Chinese online healthcare platform Jianke, along with existing investors Openspace Ventures, Aviva Ventures and SGInnovate, also participated in the round.

Funding Societies Malaysia collaborates with Malaysia-based Carsome

Funding Societies Malaysia, the Malaysian unit of Southeast Asian peer-to-peer (P2P) financing platform Funding Societies, has collaborated with a used-car trading platform Carsome to offer financing to local car dealers.

Through the partnership, at least 1,600 used car dealers under the Carsome platform could potentially benefit from total financing of $200 million.

Registered car dealers will be able to apply for short-term financing of up to 70 per cent of the transaction value of used cars. The financing is open to any type of business, including sole proprietorships and partnerships to private limited companies.

“Our tailor-made dealer financing product addresses the pain points revolving around used car financing traditionally. For instance, the requirement of 100 per cent upfront payment by the SME, cumbersome documentation of business operations, among others, hinders these SMEs from expanding their business with limited cash flow,” Funding Societies Malaysia co-founder and CEO Wong Kah Meng said in a statement.

Carsome will inspect the condition and verify the value and identity of the used cars before putting them up for bidding.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.