Biofourmis turns unicorn after $300m series D

Medtech startup Biofourmis has joined the unicorn club, following a US$300 million series D funding round led by General Atlantic.

The latest round also included investments from CVS Health and existing investors. To date, the Boston-based company has raised US$445 million in total, counting SoftBank Vision Fund 2, Openspace Ventures, Mass Mutual Ventures, Sequoia Capital, and EDBI as backers.

Biofourmis CEO Kuldeep Singh Rajput / Photo credit: Biofourmis

Biofourmis also announced an addition to its board: Omar Ishrak, chairperson of US tech giant Intel and former CEO of medical device firm Medtronic.

Founded in 2015, Biofourmis was originally based in Singapore. Its SoftBank-led series C round in 2020 raised US$100 million, the largest healthtech fundraise in Southeast Asia at the time.

Explaining the relocation, co-founder and CEO Kuldeep Singh Rajput said Biofourmis turned down offers of a higher valuation in favor of US-based investors, whom he believes are a better fit for the company’s growth.

Biofourmis uses AI and machine learning-based solutions to enable personalized predictive care. Its analytics software received clearance from the US Food and Drug Administration in 2019.

The company will use funds to bankroll future M&A activity and clinical trials for the company’s digital therapies, scaling up its care-at-home business.

See also: Series SEA: Who’s investing in the region’s health startups?