Police in Singapore are charging the former chief executive officer and director of digital health therapeutics unicorn Biofourmis Holdings for alleged “falsification of accounts and forgery”.
In a statement on Tuesday (Feb. 3), the police said that the alleged offences were committed between August 2021 and April 2022.
The police statement did not name the individual, but during the said period, the director and CEO of Biofourmis was Kuldeep Singh Rajput, who had co-founded the company in 2015, and stepped down in August 2023.
According to the Singapore Police Force, the former Biofourmis CEO allegedly abetted staff to falsify company invoices, purportedly showing that Biofourmis Singapore Pte Ltd. had rendered services worth nearly $16.5 million to the Singapore Ministry of Health.
Later, the accused allegedly fraudulently made, and also abetted by instigating the making of, false representations concerning Biofourmis and its subsidiaries.
The person also allegedly forged an employee stock option plan offer letter to cheat a bank in relation to an intended funds transfer.
If convicted, the accused faces imprisonment of up to ten years, or a fine, or both, for each charge of abetting by instigating the falsification of accounts; imprisonment of up to 20 years, or a fine, or both, for each charge of fraud and abetting by instigating fraud by false representation; and imprisonment of up to ten years and a fine for each charge of forgery for cheating.
Biofourmis got its start in an accelerator at the National University of Singapore (NUS), developing a platform and wearable biosensors to track and monitor the vitals of heart failure patients.
In July 2020, during the peak of the COVID-19 pandemic, the company said it deployed its wearable biosensors to COVID-19 patients in Singapore hospitals, which allowed healthcare workers to remotely monitor symptoms.
In 2019, the company moved to Boston after securing a $35 million Series B round led by the former Sequoia Capital India & SEA (now Peak XV Partners).
In 2020, it raised $100 million in a Series C round led by Softbank Vision Fund 2, before a $300 million Series D raise in 2022 led by General Atlantic, which minted it as a unicorn with a valuation of $1.3 billion. Other investors in the company include Openspace Ventures, EDBI, and SGInnovate.
The company has raised $288 million so far, according to DealStreetAsia DATA VANTAGE.
Top shareholders of Biofourmis
In October 2024, Biofourmis merged with US-based remote health monitoring company CopilotIQ in an all-stock deal. Around that time, Rajput transferred all his shares in Biofourmis and launched a healthtech startup, Outcomes AI.
