Biofourmis hits unicorn status after $300m Series D funding

Biofourmis, a Sigapore-founded digital therapeutics firm, announced that it has surpassed unicorn status with a $300 million Series D investment led by leading global growth equity firm General Atlantic.

CVS Health and existing investors also participated in the round, which will help fuel the company’s next phase of growth. Biofourmis also announced that former Medtronic CEO and Chairperson at Intel, Dr. Omar Ishrak, will join the company’s Board of Directors as Chairman.

With this investment, Biofourmis plans to scale up its virtual care offerings, according to the announcement. This includes delivering personalized and predictive in-home care to a growing number of 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, while forming strategic partnerships with companies in the digital health and virtual-first care ecosystems.

Through these relationships, Biofourmis plans to accelerate the growth of its virtual care platform, Care@Home, which enables providers and payors to remotely manage patients across the entire care continuum.

Biofourmis also aims to use the funding to continue strengthening its position in the value-based care market. Value-based care ties payments to quality of care and patient outcomes, rewarding providers for efficiency and effectiveness.

According to McKinsey, $265 billion worth of care services for Medicare FFS and MA beneficiaries could shift from traditional facilities to the home by 2025, creating value for multiple parties, including care at home providers and technology companies.

“In recent years, we have seen a significant trend towards virtual at-home care, which has become a critical alternative to in-person care, particularly as digital adoption continues to accelerate,” said Sandeep Naik, Managing Director and Head of India & Southeast Asia at General Atlantic. “Biofourmis is tapping into this global trend with a new approach to remote care management.”