Singapore-based Biofourmis, an Artificial Intelligence (AI) -enabled monitoring and decision support platform has raised $35 million in Series B round of funding led by Sequoia India and MassMutual Ventures with contributions from Singapore government’s EDBI, Jianke and existing investors Openspace Ventures, Aviva Ventures and SGInnovate.
With this funding, Biofourmis also announced to move its headquarters from Singapore to Boston, Massachusetts.
With fresh funding, Biofourmis has raised a total of about $41 Mn in funding over six rounds including this one. Prior to this round, the startup had raised $5 Mn from Aviva Ventures and Openspace Ventures in December 2017.
Founded by IIT Madras alumnus Kuldeep Singh Rajput, Biofourmis is a fast-growing digital health startup that has built Biovitals, a highly sophisticated personalized AI-powered health analytics platform that predicts clinical exacerbation days in advance before a critical event.
Between 2014-15, Kuldeep was Researcher at Media Lab of Massachusetts Institute of Technology (MIT) and holds Ph.D from National University of Singapore (NUS), where he built bio-electronic implants, which aim to control biological processes and treat diseases by modulating electric impulses.
Last month, the US Food and Drug Association (FDA) granted Biofourmis a 510(k) clearance for its RhythmAnalytics, which aids healthcare professionals in detecting cardiac arrhythmia, or irregular heartbeart. RhythmAnalytics has been cleared by the FDA to detect over 15 types of cardiac arrhythmias. The software uses deep learning to analyse and interpret data collected from FDA-approved electrocardiography (ECG) monitoring devices from patients with a history of cardiac arrhythmia.
Speaking on investment, Anjana Sasidharan, Principal at Sequoia Capital, said in a LinkedIn post, “Biofourmis products can make a real difference to the quality of healthcare delivery globally. We’re incredibly excited to join Kuldeep and his team on their journey to design the future of personalized healthcare”
Chu Swee Yeok, CEO and president of EDBI, said in a media statement”We have long recognized the impact of digitization to the healthcare industry and have been investing in the sector. Biofourmis’ innovative digital platform, which leverages data analytics, exemplifies the opportunities in digital therapeutics to enhance conventional treatment for patients. EDBI looks forward to supporting this homegrown company’s growth and product development.”
Biofourmis is planning to offer RhythmAnalytics as a Software-as-a-Service (SaaS) to cardiac monitoring organisations to improve accuracy and scalability of their ECG analysis, in turn improving throughput and efficiencies in cardiac monitoring centres.