Singapore: Biofourmis raises $5m Series A from NSI Ventures, Aviva Ventures

Singapore-based health analytics platform Biofourmis has closed a $5-million Series A round from NSI Ventures and Aviva Ventures, in addition to securing a partnership with US-based Mayo Clinic.

NSI Ventures, a unit of Singapore-based private equity (PE) firm Northstar Group, is currently investing out of its second fund. It is understood to have raised about $60 million for the vehicle already. Aviva Ventures is the venture capital (VC) arm of British insurance firm Aviva.

Biofourmis, which was founded in June 2015, will use investment proceeds to scale its commercial operations to provide post-acute patient monitoring services. It is currently preparing for the commercial launch of a software-as-a-service (SaaS) platform called ‘biovitals’ that could help streamline medical interventions via remote monitoring.

According to date compiled by Crunchbase, this latest investment brings the startup’s aggregate equity funding to $6.07 million. Its last funding round was a $1-million seed round in August 2016 led by South African healthcare management firm SpesNet and social innovation consultancy Eden Strategy.

The partnership with the Mayo Clinic – which has a financial interest in Biofourmis and its technology platform – will enable Biofourmis to access the de-identified healthcare data from clinical trials and Mayo’s expert medical insights. Additionally, the two organisations will jointly develop wearable biosensor-based diagnostic technology to predict heart failure events in patients.

Besides Biofourmis, other funding rounds involving NSI Ventures this year were an $18-million Series D in Singapore-based restaurant management venture Chope; a Series A round of undisclosed size in Indonesian fintech startup Kredivo with Jungle Ventures as well as a $25-million Series B raised by CXA Group, a corporate benefits aggregator.

Also Read:

Exclusive: Singapore’s NSI Ventures to raise $150m second fund

Singapore: Grain closes pre-Series B led by NSI Ventures

Indonesian online marketplace Jualo secures Series A investment from NSI Ventures

Singapore: Grain closes pre-Series B led by NSI Ventures