Home care company Biofourmis tips Series D to $320M
Remote home care company Biofourmis tipped its Series D round to $320 million with a $20 million extension from Intel Capital, the investment arm of chipmaker Intel.
Driving the news: Health care has moved beyond the four walls of the hospital, fueled by a combination of the pandemic, cost-cutting measures and rapidly changing patient and provider preferences.
Context: The Boston-based remote care company is among a slew of similar businesses enjoying a surge of recent interest in home care. Among them:
- Tomorrow Health, a New York-based startup that matches patients with home care vendors, in June raised $60 million in Series B funding led by BOND Capital, Axios wrote exclusively.
- Homeward, a hybrid care startup focused on rural communities, earlier this month collected $50 million in Series B funding led by ARCH Venture Partners and Human Capital.
- Retail giant Best Buy last fall acquired hospital-at-home company Current Health for $400 million.
Deal details: The extension adds to Biofourmis' $300 million Series D raise in April, led by General Atlantic with participation from CVS Health.
- At the time, the company was valued at a cool $1.3 billion, making it one of a handful of digital health companies to reach unicorn status in April. (Others include Reify Health, Oura, Clarify Health and IntelyCare.)
- Alongside the extension, Biofourmis also named Harvard Business School lecturer Trevor Fetter and SCAN Group CEO Sachin Jain to its board.
How it works: Founded in 2015, Biofourmis uses AI-based data analytics and remote monitoring tools to track patients' progress, for example after a hospital stay.
Of note: The unicorn home care company recently expanded from primary to chronic care.
- In February, Biofourmis unveiled its Care at Home platform for treating heart failure, atrial fibrillation, diabetes and hypertension.
What's next: The company plans to expand its virtual offerings including building digital therapeutics, funding more clinical trials and inking 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," Biofourmis CEO Kuldeep Singh Rajput told Fierce Healthcare in April.