Just four months after raising $300 million – and reaching unicorn status in the process – Biofourmis has secured another $20 million in funding.
In total, the company has amassed a $320 million Series D. Intel Capital, the strategic investment arm of chipmaker Intel Corporation, joined the round.
In addition to Intel Capital’s involvement, this funding is especially notable at a time when there’s been a dip in digital health investment. Specifically, there were 329 digital health funding deals in the first half of 2022, compared to 372 deals in the first half of 2021, according to a recent Rock Health report.
“Receiving this additional funding during a downturn in digital health investment is a validation of Biofourmis’ market strength and validates that we are solving pain points for our customers — including health systems and hospitals, payers and providers, and pharma,” Sheeza Hussain, chief commercial officer at Biofourmis, told Home Health Care News in an email.“One of the ways that we differentiate ourselves is through clinical validation; for example, when our solution was used in a major home hospital program, costs were 38% lower and outcomes were 70% better compared with usual care in the hospital.”
Biofourmis was originally founded in Singapore, and the company’s U.S. offices are headquartered out of Boston. The company leverages software and data science, along with clinical care teams, to deliver care virtually in the home.
“Biofourmis is laser-focused on delivering real-time patient insight to clinicians to improve the home-based care experience,” Mark Rostick, vice president and senior managing director at Intel Capital, said in a press statement. “Through edge computing and edge-to-cloud processing capabilities, Biofourmis is redefining the patient and provider journey by leveraging advanced technology.”
Back in April, Biofourmis allocated the $300 million in funds to go toward a number of areas, including fueling its next growth phase, scaling its virtual care offerings and funding clinical trials.
The funds will also go towards driving “high-quality care-at-home across the continuum as well as digital medicine initiatives,” according to a press release.
The company is also growing its care-at home engagements with health systems for hospital-at-home, post-discharge car, and chronic condition management.
Currently, Biofourmis works with all sorts of health systems, including Brigham and Women’s Hospital, Mass General and UCI. The company will be looking at inorganic growth, with an eye towards M&A activity, in the near-term future.
In addition to the funding news, Biofourmis added two new members to its board of directors.
Trevor Fetter — senior lecturer on the faculty of Harvard Business School — has been named to the board. Fetter also led for-profit health system Tenet Healthcare until 2017.
Dr. Sachin H. Jain — president and CEO of SCAN Group and Health Plan — has also been named to the board.
“As we continue to scale, our new board members will be pivotal to our success,” Hussain said. “Our newest board members Trevor Fetter … and Dr. Sachin H. Jain bring deep expertise focused on value-based care, health systems, health plans and value-based care.”