Biofourmis, a Singapore-headquartered digital HealthTech company founded in 2015, announced today it has raised US$5.0 million in a Series A round of funding from NSI Ventures and Aviva Ventures, the strategic corporate venture arm of the international insurer, Aviva plc. Biofourmis has also entered into a collaboration with Mayo Clinic, which would enable the company to access de-identified, anonymised healthcare data from clinical trials and Mayo’s expert medical insights.
Biofourmis has developed a highly sophisticated health analytics platform called biovitalsTM, which uses Artificial Intelligence (AI) to integrate and analyze continuous physiology data from clinical grade wearables and to detect personalized patterns that can predict a patient’s health deterioration.
This AI-empowered continuous monitoring platform alerts medical professionals to intervene days before a critical event. The dual-edged diagnostic precision and early-intervention could potentially result in improved health outcomes and lower healthcare costs.
Kuldeep Singh Rajput, Founder & CEO of Biofourmis, said, “The two words you would rather not hear at a hospital, are “Welcome back”, especially if you have just been discharged. Yet one in five patients in the US find themselves back in the hospital within 30 days after being discharged. When it comes to heart failure management alone, this phenomenon has cost the US healthcare system more than US$31 billion annually. Research tells us, however, that if patients received proper care coordination post-discharge, it could save the system an estimated US$17 billion annually.”
“At Biofourmis, we are reinventing remote patient monitoring that will increase patient outcomes and reduce re-admissions following discharge. Our proprietary AI technology identifies health deterioration weeks in advance of re-admission to hospital. Ultimately, our goal is to be an integrated solution and platform that actually reaches the patients, physicians/care teams, payers, and hospital providers,” added Kuldeep.
“We’re excited to have NSI Ventures and Aviva Ventures on board. We look forward to leveraging NSI’s expertise and hands-on approach to help companies scale globally, and benefit from Aviva’s insurance expertise and ability to tap into their global customer base.”
Biofourmis will use the funding to scale its commercial operations to provide post-acute patient monitoring services and is preparing for the commercial launch of its Software as a Service (SaaS) platform, biovitalsTM.
Meanwhile, Biofourmis’ collaboration with Mayo Clinic will enable the company to access de-identified, anonymised healthcare data from clinical trials and Mayo’s expert medical insights. Biofourmis and Mayo will collaborate on refining and validating a wearable biosensor-based diagnostic algorithm and alerts that integrates with the SaaS platform biovitalsTM to predict heart failure events.
Mayo Clinic has a financial interest in the company and technology and will use the proceeds to support its not-for-profit mission in patient care, education and research.
“It is a privilege to be working with Mayo Clinic, one of the leading cardiac centers in the US. Having analyzed over 100,000 patients’ data and achieving promising results from our initial pilot studies, we are fortunate to be partnering with leading stakeholders in the healthcare industry in Singapore, South Africa, Hong Kong and the US. We are backed by a very strong team of clinical doctors from reputed hospitals like Mayo Clinic, Massachusetts General Hospital and SingHealth,” Kuldeep concludes.