HealthTech firm Biofourmis raises $300 million in its recently held series D funding round led by global growth equity firm General Atlantic. Other investors, including CVS Health, also participated in the company’s latest funding round.
The newly added capital has increased Biofourmis’ market valuation to over $1.3 billion, giving the company a unicorn status.
Biofourmis intends to use the raised funds to extend its virtual care offerings, including providing personalized and predictive in-home care to an increasing number of severely sick patients and expanding its newly announced virtual specialty care service, Biofourmis Care, to people with complicated chronic diseases.
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Artificial intelligence (AI) and powerful FDA-approved analytics are used in Biofourmis’ device, and sensor-agnostic solutions to dynamically monitor patients, set tailored baselines, and eliminate false positives.
Biofourmis’ experts can quickly confirm and respond to these alerts through its round-the-clock virtual clinical care team. In addition to this, the company’s certified experts can also discuss medication modifications and updated care plans with primary care teams to ensure patient care is effectively coordinated.
Managing Director and Global Head at General Atlantic, Robbert Vorhoff, said, “We believe Biofourmis is differentiated by technology solutions underpinned by its deep clinical research.”
He further added that Biofourmis promotes personalized therapy and better outcomes and gives crucial patient health insights to health systems.
Former Medtronic CEO and Chairperson at Intel, Dr. Omar Ishrak, will join the company’s board. Ishrak mentioned that he is delighted to join Biofourmis as Chairman of the Board at this pivotal moment in the company’s rapid rise to prominence as a leader in virtual care and digital medicine.
United States-based virtual care and digital medicine company Biofourmis was founded by Kuldeep Singh Rajput, Maulik Majmudar, and Wendou Niu in 2015. The firm specializes in discovering, developing, and delivering clinically tested software-based therapeutics for patients. To date, Biofourmis has raised more than $443 million from multiple investors over nine funding rounds.
Co-founder and Chief Executive Officer of Biofourmis, Kuldeep Singh Rajput, said, “We are excited to partner with General Atlantic, which shares our vision for the future of virtual care and the urgency to bring the Biofourmis solution to customers and patients across the globe.”