Digital therapeutic and remote patient monitoring platform Biofourmis has achieved unicorn status after raising USD 300 million in a Series D funding round led by General Atlantic with participation from CVS Health and existing investors Openspace Ventures and EDBI. This brings the total raised funds to USD 445 million and results in a USD 1.3 billion valuation. 

The company plans to use these funds to bolster its virtual care offering, which includes in-home specialty care for patients with chronic conditions. The money will also be used to carry out clinical trials to develop digital therapies and form collaborations with companies in the digital health and virtual care space. Biofourmis also intends to launch value-based care solutions to link patient outcomes to payments.

The company also announced that Dr. Omar Ishrak, the former Medtronic CEO and chairperson at Intel, will join its board of directors as chairman.  

The Massachusetts-based company offers AI-backed at-home remote monitoring services and digital therapeutics solutions. Under its at-home care sector, the company’s tools remotely monitor both acute and non-acute patient vitals, alerting the company to any changes relative to the patient’s baseline. Under its digital therapeutics sector, it is working on several solutions in partnership with pharma companies. Its heart failure tool for managing and optimizing medication dosage BiovitalHF is the closest to commercialization, receiving the FDA’s breakthrough device designation in July 2021.