CDC estimates that 6 in 10 American adults have 1 chronic disease whereas 4 in 10 suffer from 2 or more chronic diseases. Chronic diseases, which include conditions like heart disease, stroke, diabetes and cancer, are so common in the U.S. that they drive a significant portion of the nation's healthcare costs.
To treat such an extensive problem Biofourmis was founded by Kuldeep Singh Rajput and co-founded by Mark Niu and Maulik Majumda. They believe in providing personalized, predictive care for better outcomes. For this, they use advanced technology to improve the delivery of healthcare outside the hospital. The Boston-based company develops software to “augment” patient care and optimizes the delivery of virtual health. These solutions include advanced tools for clinicians to deliver personalized care and cost-effective solutions for payers.
The venture has 2 subsets - Biofourmis Therapeutics and Biofourmis Health. For the former, pharmaceutical companies prescribe Biofourmis’ digital therapeutics for better managing chronic conditions. It follows ‘beyond the pill’ model. The latter is an AI-based remote monitoring system that helps clinicians remotely monitor patients and thereby improve patient outcomes. It follows ‘home hospital’ model. Biofourmis
BiovitalsHF, a platform designed for heart failure medication monitoring received an FDA breakthrough device designation last year. BiovitalsHF is supposed to streamline the titration process once patients leave hospitals by collecting and analyzing data from a wearable device.
They have raised a total of $143.6 million in funding over 8 rounds. The venture has been invested by SG Innovate, MassMutual, Openspace Ventures, SpesNet, Sequoia, SoftBank and EDBI. In addition, Biofourmis will use the funding for developing, validating and commercializing several released and unreleased digital therapeutics solutions across cardiology, respiratory, oncology and pain, with a focus on the United States and key Asian markets, including the Asia Pacific, China and Japan.
Their health partners are NOVARTIS, Mayo Clinic, AstraZeneca, SingHealth, Mundipharma and more. Their 2 acquisitions are wearable biosensor leader Biovotion and Takeda Pharmaceuticals oncology-focused digital therapeutics company Gaido Health. Since COVID remote monitoring and digital therapeutics has gained momentum. Will ventures like Biofourmis make this more the forefront of medicine in the future too?