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.