Headquarters address: Shiquanhe Town, Ngari Prefecture, Tibet Autonomous Region
Production Address: Hengde Industrial Park, Gucheng, Hengshui City, Hebei Province
Biofourmis, a medical technology startup, receives US$100 million
Aug 19,2021
As one of the emerging companies favored by venture capital, Biofourmis hopes to enhance traditional medicine through digital technology (including wearable devices and software).
The so-called digital technology combined with traditional hospitals refers to adding personalized medicines to help ensure that the right patients can get the right medicines at the right time. By tracking the patient’s condition outside the hospital, the doctor may suggest changes to the dosage or use of other drug combinations. In theory, this technology is attractive to pharmaceutical companies looking to improve the efficacy of expensive specialty drugs.
This field is called "digital therapy", and research companies estimate that its value may exceed $9.6 billion by 2026. This also represents a larger trend, that is, digital technology enters the healthcare industry. In the United States alone, the value of the healthcare sector exceeds US$3.5 trillion.
Now, Biofourmis will receive a US$100 million capital injection in a Series C financing led by the SoftBank Vision Fund Phase 2, and existing investors including Sequoia Capital will follow suit.
Kuldeep Singh Rajput, chief administrative officer of Biofourmis, said the company has conducted a number of clinical studies showing that wearable devices can help clinicians predict heart failure events several weeks in advance and intervene before then.
At present, heart failure is the main area of concern, although the company has increasingly set foot in other disease areas. In the United States, 6.5 million people suffer from heart failure, which makes the management cost of the healthcare system more than 30 billion U.S. dollars. It is also one of the main causes of death.
The company said it is also involved in other areas such as chronic pain, oncology and Covid-19. It also hopes to expand its scale by selling its services to the health system to help patients monitor them after they are discharged from the hospital. In the United States, if the patient’s 30-day readmission rate is higher than expected after being discharged from the hospital for reasons such as pneumonia and heart failure, the hospital system will be punished.
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