Biofourmis books $300M to bring health home
Biofourmis raised $300 million in a Series D round led by General Atlantic with participation from CVS Health and others at a valuation of nearly $1.3 billion.
Why it matters: The Boston-based maker of remote home care tools is among a slate of companies raking in pandemic-era funding for tools to help patients manage their health at home.
Context: Those companies' growth is fueled by COVID and led by a new type of customer we like to call the patient-consumer (since they're equal parts of both).
- Silicon Valley-based Athelas raised $132 million in two back-to-back rounds in February led by General Catalyst and Tribe Capital, respectively.
- Boston-based Medically Home, which also in February raised $110 million led by Baxter International and Global Medical Response.
- New York-based Cadence, which closed a $100 million round last December.
How it works: Founded in 2015, Biofourmis works in a manner similar to the companies above, combining AI-based data analytics and remote monitoring tools to keep track of someone's medical progress, particularly after they've undergone hospital treatment.
Flashback: Biofourmis in February expanded from primary care-based tools to those for chronic conditions, including heart failure and atrial fibrillation, diabetes and hypertension by way of a platform called Care at Home.
What's next: The company plans further expansion focused on providing personalized, predictive insights to more severely ill patients and those recently discharged from the hospital.
- Biofourmis also plans to fund more clinical trials and ink strategic partnerships with digital health companies.
- It is also keeping an eye open to potential M&A deals.
- "If there are companies who provide virtual care and have much better penetration into health systems, we will be interested in those so that we can jointly ... acquire a majority of the market," CEO Kuldeep Singh Rajput told Fierce Healthcare.