Singapore-based health analytics platform Biofourmis has 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.
Other investors participating in the round include Singapore’s EDBI and Chinese online healthcare platform Jianke, along with existing investors Openspace Ventures, Aviva Ventures and SGInnovate, per a company statement.
Along with the news on its new funding round, the company also announced it will be expanding the size of its Boston office and moving its headquarters from Singapore to Boston but will continue to expand its activities in the city-state.
Founded in 2015, Biofourmis discovers, develops and delivers clinically validated software-based therapeutics to enable better outcomes for patients. These solutions include advanced tools for clinicians to deliver personalized care and cost-effective solutions for payers.
The company has built Biovitals, a personalized artificial intelligence (AI)-powered health analytics platform that predicts clinical exacerbation days in advance before a critical event.
In the past year, Biofourmis has formed key collaborations with healthcare stakeholders, including its membership in the American Heart Association’s Center for Health Technology & Innovation’s Innovator Network to deliver personalized software-based interventions.
The company said it will use the fresh capital to advance its proprietary artificial intelligence (AI)-powered digital therapeutics platform and pipeline that treats and manages a range of complex chronic conditions.
It will also continue to develop its product and treatment algorithms by utilizing a biopharma approach such as randomized clinical trials, generating clinical data, and demonstrating safety and efficacy.
“Our products would then have treatment claims akin to a drug, and they would need to be prescribed by a clinician,” Biofourmis CEO and founder Kuldeep Singh Rajput said. “Insurance providers could then reimburse for the treatment just as they do with pharmaceuticals and therapeutic medical devices.”
As part of its commercialization strategy, the company plans to form partnerships with global pharmaceutical companies, which will be used as a distribution channel to commercialize our digital therapeutics product in combination with a therapy—either as a value-added service or as companion therapeutics.
Furthermore, the company’s commercialization efforts will be expanded to United States and Asia and it looks to grow its teams focused on data science, clinical and regulatory, and sales and operations.
By the end of 2019, the company aims to grow to more than 100 employees in the United States and Singapore.
Biofourmis last raised a funding round in December 2017, securing $5 million from Openspace Ventures and Aviva Ventures.