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Biofourmis books $300M to bring health home

Illustration of a doormat with a red cross outside a front door.

Illustration: Gabriella Turrisi/Axios

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.
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