Singapore’s healthtech startup Biofourmis turns unicorn after snagging $300 mn in Series D round
- ByStartupStory | April 28, 2022
Biofourmis Singapore Pte Ltd, an AI-based healthtech startup, announced that it has raised $300 million in a Series D fundraising round led by private equity firm General Atlantic, propelling the company into the coveted unicorn club. This investment round included new investor CVS Health as well as current investors, according to a release from the new startup
Biofourmis is a home care and digital therapy company founded in 2015 by Kuldeep Singh Rajput and Wendou Niu. It provides advanced technology and AI-based clinical support. So far, it has received $445 million in finance.
Biofourmis plans to utilize the new funds to expand its virtual care services and fund clinical trials to help accelerate the development of digital treatments. It will also use some of the funds to strengthen its position in the value-based care market, which ties payments to patient outcomes and rewards providers for efficiency, according to the company.
Biofourmis had previously raised $100 million (Rs 733 crore) in a Series C fundraising round headed by SoftBank’s Vision Fund 2 in September 2020.
Existing investors Openspace Ventures, MassMutual Ventures, Sequoia Capital, and EDBI are among the other investors in this round. In May 2019, Sequoia Capital and MassMutual Ventures led a $35 million Series B fundraising round for the AI-based healthcare firm.
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