- Biofourmis, a healthtech startup announced that it has become a unicorn with $300 Million Series D investment, at a valuation of $1.3 Billion, led by leading global private equity firm General Atlantic.
- CVS Health (NYSE: CVS) and existing investors also participated in the round.
- Biofourmis provides advanced technology and clinical support for Care@Home and digital therapies. It personalizes care and predicts clinical worsening before it happens.
- The platform, powered by machine learning and advanced analytics, enables better healthcare, maximizes the effectiveness of high-value drugs, and lowers costs across the entire care continuum.
- General Atlantic, established 1980, is a leading global growth equity firm with over four decades of experience in providing capital and strategic support to over 445 growth companies throughout its history.
- Fund has over $84 billion in assets under management and has more than 215 investment professionals across the globe.
- With this fund raise, Biofourmis plans to scale up its virtual care offerings which includes delivering personalized and predictive in-home care to acutely ill patients and expanding its recently announced virtual specialty care services, Biofourmis Care, to those patients with complex chronic conditions.
- In parallel, Biofourmis plans to fund clinical trials to advance the development of digital therapies that work in conjunction with high-value drugs to improve efficacy.
- It also plans on forming strategic partnerships and accelerate the growth of its virtual care platform, Care@Home, which enables providers and payers to remotely manage patients (RPM). It believes that traditional RPM solutions are focused on “monitoring” as opposed to proactive “management” of patients.
- General Atlantic said that they see a significant trend towards virtual at-home care, which has become a critical alternative to in-person care and Biofourmis is differentiated by technology solutions underpinned by its deep clinical research and personalized treatments.
- Kuldeep Singh Rajput, Founder & CEO of Biofourmis said that “We are excited to partner with General Atlantic, which shares our vision for the future of virtual care and the urgency to bring the Biofourmis solution to customers and patients across the globe.”
- Earlier Biofourmis had raised $100 million Series C funding round led by SoftBank Vision Fund in September 2020.
- To date, Biofourmis has raised a total of $445 million in funding. Existing investors include SoftBank Vision Fund 2, Openspace Ventures, Mass Mutual Ventures, Sequoia Capital and EDBI.
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