SoftBank Vision Fund leads $100m funding round in Singapore healthtech firm Biofourmis

Biofourmis, a Singapore-born digital therapeutics startup, has completed a US$100 million series C funding round led by SoftBank Vision Fund 2. Existing investors Openspace Ventures, MassMutual Ventures, Sequoia Capital, and EDBI participated in the round.

Biofourmis CEO Kuldeep Singh Rajput / Photo credit: Biofourmis

This is the largest healthtech fundraising within Southeast Asia to date, the company claims in a statement. Another Singapore biotech firm, Mirxes, raised a US$40 million series A round in November 2018, according to Tech in Asia‘s database.

The capital injection will go toward accelerating Biofourmis’ global expansion, advancing its digital therapeutics pipeline, developing additional care pathways, as well as driving deeper integrations with its health system, hospital, pharmaceutical, and clinical research clients and partners, said Biofourmis CEO Kuldeep Singh Rajput.

It will also use the new funds to develop and commercialize several released and unreleased digital therapeutics solutions across segments like cardiology, respiratory, oncology, and pain. It will focus on the US and key Asian markets, including Asia Pacific, China, and Japan, according to the statement.

The investment comes after the company raised US$35 million in a series B round led by Sequoia Capital India and MassMutual Ventures last year. Since then, the company said it has increased its revenue “significantly” through new partnerships and growth with seven pharmaceutical companies and 10 health systems globally.

It also made major acquisitions during that time, including wearable biosensor developer Biovotion and Takeda Pharmaceuticals’ oncology-focused digital therapeutics company Gaido Health earlier this year.

Founded in 2015, Biofourmis uses AI and machine learning-based solutions to enable personalized predictive care.

Moving forward, the company will focus on developing software-based therapeutics to treat and manage patients with unmet clinical needs. It claims that the model could “augment drug efficacy, reduce costs, and result in better patient outcomes.”

“Covid-19 is pushing remote monitoring and digital therapeutics to the forefront of medicine,” Rajput said. “In the last seven months, healthcare has fast-forwarded by at least five years.”