A new SoftBank-backed soonicorn from Singapore

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Hello readers,

Juicy news: Southeast Asia might get another unicorn soon. Biofourmis, a Singapore-based medtech firm that’s valued at around US$800 million, growing 10x, and EBITDA-profitable. Backed by SoftBank, the startup is poised to join this billion-dollar club and hobnob with the likes of Sea, Grab, and Lazada.

Today we look at:

• The medtech startup that’s leaping to near-unicorn status
• A startup that helps you eliminate stress
• Other newsy highlights such as the recent data breach at Lazada and the largest initial public offering at the Singapore exchange since 2017

PREMIUM SUMMARY

Biofourmis’ valuation went whoosh!

The medtech startup was valued at around US$500 million last November. But after raising US$100 million from Japan’s SoftBank recently, Biofourmis’ valuation has soared to US$800 million.

• Dissecting the big business: Founded in 2015, Biofourmis uses artificial intelligence and wearable sensors to measure a person’s health, personalize their treatment, and detect the early signs of heart failure.
• Revenue on crack: According to founder and CEO Kuldeep Rajput, the company’s revenue in the first half of 2020 was already 10x more than what it had made in the whole of 2019.
• Covid-19 was a tailwind: Biofourmis’ wearable sensors and software have found a new user base: Covid-19 patients. In the past five months, more than 100,000 Covid-19 patients have used its platform.

A deeper analysis of this almost-unicorn: Is Singapore medtech firm Biofourmis’ near-unicorn status warranted?

STARTUP SPOTLIGHT

The startup that wants to eliminate your stress

Mondays can be depressing. But perhaps the employees of this Hong Kong-based startup that recently raised US$1 million in its pre-series A round have a different take.