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Biotechnology startup Biofourmis raises $35 million in Series B round

Author : Paroma Bhattacharya | Published Date : 2019-05-24 

Biofourmis, a biotechnology startup recently announced that it has collected $35 million in a Series B round led by venture capital company Sequoia Capital India & US-based MassMutual Ventures, along with existing investors like- Openspace Ventures, Aviva Ventures, the corporate venture capital of insurer Aviva & SGInnovate, cites source.

For the record, BiovitalsTM, a digital therapeutic platform of Biofourmis, is based on emerging clinical evidence that combinations of drug and software can improve clinical effectiveness. BiovitalsTM is used with prescription software that employs a wearable biosensor to manage and support patients, diagnosed with heart failure.

Kuldeep Singh Rajput, founder and CEO, Biofourmis, was reportedly quoted saying that the company has made many achievements in the last year, strengthening the company’s regulatory platform with signing of contracts with numerous global pharmaceutical companies. The new funds will allow the company to expand its workforce and commercialization efforts rapidly, while demonstrating the clinical efficiency of digital therapeutics platform with research and development.

For the record, the company develops its treatment algorithms and products by running randomized clinical trials, producing clinical data and demonstrating safety & efficiency.

Earlier in 2017, the startup collected $5 million in a Series A round led by Aviva ventures and NSI Ventures. Biofourmis is expected to utilize funds to expand commercialization efforts in the U.S. and Asia along with increasing its data science, clinical & regulatory and sales & operations focused teams. By the end of 2019, the company aims at growing to more than 100 employees in the U.S. and Singapore.

As per credible sources, the said deal with Biofourmis marks Sequoia India’s 2nd growth stage deal this year, when it has been focusing on early-stage investments from its own funds and early-stage startups in India and South-East Asia, called Surge. Before the current growth deals, Sequoia made a series of growth investment in January, this year, when it led a $25 million investment in Turtlemint, an online insurance platform, as well as a $40 million investment in ed-tech startup, Eruditus.

Source credits: https://www.livemint.com/companies/start-ups/sequoia-leads-35-mn-round-in-biofourmis-1558508398889.html

About Author

Paroma Bhattacharya

Paroma Bhattacharya

Paroma Bhattacharya, having completed her post-graduation in Journalism and Mass Communication, started her career in writing with resourceful and informative content development across diverse fields. Having dealt in myriad topics ranging from business to real estate, she now pens down articles for fractovia.org and other portals. She can be contacted at- [email protected] | https://twitter.com/paromab1

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