Digital therapeutics company Biofourmis announced today that it will be moving its headquarters from Singapore to Boston following the closing of a $35 million Series B financing round.
Biofourmis said that the move to Boston will help the company advance its proprietary artificial intelligence (AI)-powered digital therapeutics platform and pipeline, which are designed to treat and manage complex chronic conditions.
The company combines AI, evidence-based therapeutic interventions, a patient-facing companion app and U.S. Food and Drug Administration-approved wearable biosensors to optimize patient care and outcomes. Biofourmis said the components drive medication adherence and remotely monitor and analyze physiological signals to predict and prevent adverse events.
The platform, Biovitals, is based on emerging clinical evidence that drug-software combinations can enhance effectiveness.
“Our core focus has always been to optimize therapies to augment patient care and health outcomes,” said Kuldeep Singh Rajput, founder and CEO of Biofourmis. “Our new funds will allow us to rapidly expand our workforce and commercialization efforts, while further demonstrating the clinical efficacy of our digital therapeutics platform through research and development.”
The platform is used with BiofourmisHF, a prescription software that works with wearable biosensors and pharmacotherapy to manage and support patients with heart failure. When activated, a treatment algorithm prescribes optimal guideline-directed therapies, while the platform drives adherence to a care plan through an interactive smartphone app.
Aiming to deliver personalized software-based interventions, Biofourmis is a member of the American Heart Association’s Center for Health Technology & Innovation’s Innovator Network.
“Biofourmis’ innovative digital platform, which leverages data analytics, exemplifies the opportunities in digital therapeutics to enhance conventional treatment for patients,” said Chu Swee Yeok, CEO and president of EDBI, an investor in the funding round.
With the funding, the company will expand its efforts to the U.S. and Asia and grow its teams focused on data science, clinical, regulatory, sales and operations. Biofourmis wants to grow to more than 100 employees in the U.S. and Singapore by the end of 2019.
Sequoia India, which is part of Sequoia Capital, and MassMutual Ventures co-led the funding, with additional investments from Jianke, Openspace Ventures, Aviva Ventures and SGInnovate.
Send this to a friend