Biofourmis, a Boston-based global leader in virtual care and digital medicine, today announced that Intel Capital, the strategic investment arm of chipmaker Intel Corporation, has joined its Series D financing in an extension that brings the total funding raised in the round to $320M. The initial Series D funding round was announced in April and was led by global growth equity firm General Atlantic with participation by CVS Health, Trevor Fetter, and existing investors.
Biofourmis announced earlier that it is using the funds from the Series D round to scale up its virtual care offerings that drive high-quality care-at-home across the continuum as well as digital medicine initiatives, including building digital companion therapeutics to augment existing and upcoming novel therapies.
"Biofourmis is laser-focused on delivering real-time patient insight to clinicians to improve the home-based care experience," said Mark Rostick, Vice President and Senior Managing Director at Intel Capital. "Through edge computing and edge-to-cloud processing capabilities, Biofourmis is redefining the patient and provider journey leveraging advanced technology."
Biofourmis continues to buck health tech funding trends with this Series D extension, which comes during a downturn in digital health investment. According to a recent Rock Health report, the first half of 2022 saw 329 digital health funding deals totaling $10.3 billion—down from $14.7 billion raised in the first half of 2021 across 372 deals, states a press release.
"To receive this additional funding from the venture capital arm of a global technology giant during an unpredictable time in digital health investment is further validation of Biofourmis' market strength and potential and validates that we are distinguishing ourselves in the market," said Kuldeep Singh Rajput, founder and CEO of Biofourmis. "We are on a strong trajectory for continued strategic growth in the coming years in terms of customers, partners, and solution development."
Biofourmis also announced the appointment of two esteemed healthcare leaders to its Board: Trevor Fetter, MBA, senior lecturer on the faculty of Harvard Business School and former longtime Tenet Healthcare Chairman and CEO; and Sachin H. Jain, MD, MBA, president and CEO of SCAN Group and SCAN Health Plan.
Biofourmis, based in Boston, is a global leader in providing advanced technology and clinical support for Care@Home and digital therapies. They are driven by a passion to personalize care and predict clinical worsening before it happens. The clinically validated platform, powered by machine learning and advanced analytics, enables better healthcare, maximizes the effectiveness of high-value drugs, and lowers costs across the entire care continuum.