Singapore-based health analytics startup Biofourmis has raised SGD48.2 million (USD35 million) in Series B financing round for expansion.
The round was led by Sequoia India and MassMutual Ventures SEA, the venture fund of Massachusetts Mutual Life Insurance Company. Other investors who put include EDBI, the corporate investment arm of Singapore’s Economic Development Board, China-based healthcare platform Jianke and existing investors Openspace ventures, Aviva Ventures and SGInnovate, a Singapore government initiative for deep tech startups.
Kuldeep Singh Rajput, CEO of Biofourmis, founded the company in 2015. He moved to Singapore to start a PhD, but he dropped out to start the business with co-founder Wendou Niu when he saw the potential to predict the disease before it happens.
Biofourmis discovers, develops and delivers clinically validated software-based therapeutics to enable better outcomes for patients. These solutions include advanced tools for clinicians to deliver personalized care and cost-effective solutions for payers.
The company said it will use the fresh capital to advance its proprietary artificial intelligence (AI)-powered digital therapeutics platform and pipeline that treats and manages a range of complex chronic conditions.
It will also continue to develop its product and treatment algorithms by utilizing a biopharma approach such as randomized clinical trials, generating clinical data, and demonstrating safety and efficacy.
The company also announced that it will be expanding the size of its Boston office and moving its headquarters from Singapore to Boston but will continue to expand its activities in the city-state.
Biofourmis last raised a funding round in December 2017, securing USD5 million from Openspace Ventures and Aviva Ventures.
