Biofourmis

Biofourmis is a virtual care provider and digital therapeutics developer, offering remote patient monitoring and chronic care management services with a focus on specialty care. The firm's AI-powered remote patient monitoring platform, Care@Home, allows healthcare providers to track patient vitals, automate medication management, and send patient-specific notifications based on readings from wearable devices. As of February 2022, Biorfourmis had five virtual care programs covering heart failure, hypertension, diabetes, lipid management, and atrial fibrillation. Its solution also includes a GenAI-powered predictive analytics platform, Biovitals, that identifies clinical deterioration.

The firm operates a B2B2C business model targeting healthcare providers and health plans as well as operating a B2B model in partnership with pharmaceutical companies to develop digital therapeutics.

In August 2023, Biofourmis confirmed the departure of its CEO, Kuldeep Singh Rajput, one month after laying off 120 employees worldwide (48 in the US) to focus on accelerating growth in the US market. The company announced that it was conducting a search for a new CEO and had established an office of the CEO to oversee its regular operations. The office consisted of CMO Maulik Majmudar, CFO Renika Seghal, CTO Milan Shah, general counsel Daniel Song, and COO Jaydev Thakkar. Additionally, Ben Wanamaker, who previously served as Humana’s VP of enterprise strategy, joined Biofourmis’ board of directors and oversee the new office of the CEO. 

In January 2024, Biofourmis launched an in-home service ecosystem. Through the offering, the company provided care providers with integrated care workflows for operational efficiencies, as well as access to in-home care services fulfilled by Biofourmis (including services such as nursing, wound care, phlebotomy, and physical and occupational therapy). The company noted that the in-home care services would be fulfilled by utilizing the company's network of local, regional and national healthcare partnerships.

Key customers and partnerships

In February 2024 Biofourmis partnered with GE Healthcare to improve patient care by offering effective home treatment options. The partnership aimed to use remote solutions developed by Biofourmis, along with GE Healthcare's patient monitoring systems, to facilitate an earlier discharge for patients and provide alternatives to hospital-based care.

Funding and financials

In August 2022, the company raised an additional USD 20 million to its  Series D round, which took place in April 2022. The extension was led by Intel Capital. The funds were set aside to expand its virtual care offerings as well as its digital medicine initiatives, which include the development of digital companion therapeutics to support existing and currently-under-development therapies.