One of the digital health sector’s latest unicorn companies – Biofourmis – has upscaled its recent fourth round financing, adding $20 million to the $300 million it raised in April.
The top-up comes from Intel Capital, the strategic investment arm of chipmaker Intel, and has been announced alongside two new additions to Biofourmis’ board of directors.
The new arrivals are former chief executive of hospital chain Tenet Healthcare Trevor Fetter, and Sachin Jain, president and CEO of healthcare services organisation SCAN Group and Health Plan.
Boston-based Biofourmis previously named former CEO of medical device specialist Medtronic and chair of tech giant Intel Dr Omar Ishrak as chairman of the board.
The company – which has a business model cutting across digital therapeutics (DTx), artificial intelligence-powered patient management and provision of virtual care – has raised $465 million since it was formed in 2015.
At the heart of its offering is an artificial intelligence-based data analytics and biosensor platform that can be used to monitor patients, and how they respond to treatment. The core of the platform – called Biovitals – was approved by the FDA in 2019, and has been extended into a series of disease-specific predictive management tools.
Biofourmis said in April that the Series D will be used to fund clinical trials of its DTx candidates – focusing on candidates that will serve as companions to existing and upcoming therapies – and scale up its virtual care business and potentially fund M&A deals.
The upscaled financing comes during a downturn in digital health investment. According to a recent Rock Health report, the first half of 2022 saw 329 digital health funding deals totalling $10.3 billion, a sharp reduction on the $14.7 billion raised in the first half of 2021 from 372 deals – although still well up on 2020 levels.
“To receive this additional funding from the venture capital arm of a global technology giant during an unpredictable time in digital health investment is further validation of Biofourmis’ market strength and potential and validates that we are distinguishing ourselves in the market,” said Kuldeep Singh Rajput, founder and CEO of Biofourmis.
“We are on a strong trajectory for continued strategic growth in the coming years in terms of customers, partners and solution development.”
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