Biofourmis Raises Extra Funding from Intel Capital in Sequence D Extension and Names Prime Healthcare Leaders to its Board

Biofourmis Raises Extra Funding from Intel Capital in Sequence D Extension and Names Prime Healthcare Leaders to its Board

Health Care Financing
  • Extra funding brings Sequence D spherical to $320M complete
  • Trevor Fetter, MBA, senior lecturer on the college of Harvard Enterprise College and former longtime Tenet Healthcare chairman and CEO, named to Board
  • Sachin H. Jain, doctor government with authorities, pharmaceutical, payer and supplier expertise, joins Board

BOSTON, Aug. 10, 2022 /PRNewswire/ — Biofourmis, a Boston-based world chief in digital care and digital medication, at present introduced that Intel Capital, the strategic funding arm of chipmaker Intel Company, has joined its Sequence D financing in an extension that brings the whole funding raised within the spherical to $320M. The preliminary Sequence D funding spherical was introduced in April and was led by world development fairness agency Common Atlantic with participation by CVS Well being (NYSE:CVS), Trevor Fetter and current traders.

Biofourmis introduced earlier that it’s utilizing the funds from the Sequence D spherical to scale up its digital care choices that drive high-quality care-at-home throughout the continuum in addition to digital medication initiatives, together with constructing digital companion therapeutics to enhance current and upcoming novel therapies.

“Biofourmis is laser-focused on delivering real-time affected person perception to clinicians to enhance the home-based care expertise,” stated Mark Rostick, Vice President and Senior Managing Director at Intel Capital. “By way of edge computing and edge-to-cloud processing capabilities, Biofourmis is redefining the affected person and supplier journey leveraging superior know-how.”

Biofourmis continues to buck well being tech funding developments with this Sequence D extension, which comes throughout a downturn in digital well being funding. Based on a latest Rock Well being report, the primary half of 2022 noticed 329 digital well being funding offers totaling $10.3 billion—down from $14.7 billion raised within the first half of 2021 throughout 372 offers.

“To obtain this extra funding from the enterprise capital arm of a world know-how big throughout an unpredictable time in digital well being funding is additional validation of Biofourmis’ market energy and potential and validates that we’re distinguishing ourselves out there,” stated Kuldeep Singh Rajput, founder and CEO of Biofourmis. “We’re on a robust trajectory for continued strategic development within the coming years by way of clients, companions and answer improvement.”

Biofourmis at present additionally introduced the appointment of two esteemed healthcare leaders to its Board: Trevor Fetter, MBA, senior lecturer on the college of Harvard Enterprise College and former longtime Tenet Healthcare Chairman and CEO; and Sachin H. Jain, MD, MBA, president and CEO of SCAN Group and SCAN Well being Plan.

Fetter led one among nation’s largest for-profit well being methods

Serving to Biofourmis scale its firm and options might be Fetter, who’s a senior lecturer at Harvard Enterprise College. Fetter was previously chairman and CEO of Tenet Healthcare Company, one of many largest well being methods within the U.S., which he helped develop to $20 billion in revenues and steadily elevated margins.

Fetter additionally launched adjoining companies—Conifer Well being Options and United Surgical Companions Worldwide—which are actually multi-billion-dollar enterprises and leaders of their respective fields. Fetter retired as chairman and CEO of Tenet in late 2017. He’s additionally an energetic company director and investor, together with participation in Biofourmis’ preliminary Sequence D spherical.

“What attracted me to Biofourmis was not solely its versatile, scalable and highly effective turn-key know-how, but additionally its latest strategic diversification in providing distant, specialised care groups to healthcare organizations to fill medical staffing gaps with around-the-clock administration and care,” stated Fetter, referring to the launch of the Biofourmis [email protected] providing for power illness administration. The complicated power illness service at the moment presents 5 digital care applications: coronary heart failure, hypertension, diabetes, lipid administration and atrial fibrillation. The specialty care applications are delivered remotely by Biofourmis’ skilled well being navigators, who’re frontline care coordinators, in addition to a multidisciplinary group of licensed clinicians, together with physicians, nurses and superior follow suppliers.

Dr. Jain contributes healthcare supply reform perception

Dr. Jain, a board-certified inside medication doctor, has 20 years of expertise in medical medication, well being coverage, managed care and healthcare supply management. He was Particular Assistant to the Nationwide Coordinator within the Workplace of the Nationwide Coordinator for Well being Data Expertise (ONC) and was a part of the founding group on the Facilities for Medicare and Medicaid Innovation (CMMI). He was the worldwide Chief Medical Data and Innovation Officer at Merck and served because the President and Chief Govt Officer at CareMore Well being and Aspire Well being, each divisions of Anthem. At CareMore, Dr. Jain launched hospital-at-home and home-based main care applications and carried out novel medical interventions to deal with loneliness and social isolation.

At present, Dr. Jain is president and CEO of SCAN Group and Well being Plan, a diversified healthcare providers group that serves greater than 300,000 older adults with $4 billion in revenues. Below his management, SCAN has grown its membership and footprint and has launched 4 new care supply divisions that target dwelling and community-based care: WelcomeHealth, HomeBase Medical, Healthcare in Motion, and MyPlace Well being. He additionally serves on the boards of Cardiovascular Programs Inc. and Make-A-Want America.

Dr. Jain’s expertise in public and business medical health insurance might be invaluable to Biofourmis as extra payers and “payviders” (well being methods that additionally promote and administer their very own well being plans) ramp up their implementation of digital care applications throughout acute, post-acute and power situation administration given the numerous potential price, medical consequence and affected person expertise advantages.

“The convergence of higher acceptance of digital care fashions, in addition to the broader use of value-based funds, creates a second the place lots of the digital well being and care supply concepts which have lengthy been gaining momentum are actually coming to full velocity,” Dr. Jain stated. “Biofourmis is on the forefront of serving to convey these ideas to life, and I sit up for serving to outline the way forward for digital well being and to help an organization that’s main this transformation.”

About Biofourmis

Biofourmis, based mostly in Boston, is a world chief in offering superior know-how and medical help for [email protected] and digital therapies. We’re pushed by a ardour to personalize care and predict medical worsening earlier than it occurs. Our clinically validated platform, powered by machine studying and superior analytics, allows higher healthcare, maximizes the effectiveness of high-value medicine, and lowers prices throughout all the care continuum. For extra data, go to www.biofourmis.com and observe us on LinkedIn, Twitter and YouTube.

Media Contact:
Tara Stultz
Amendola Communications for Biofourmis
440.225.9595
[email protected]

SOURCE Biofourmis

Biofourmis Raises Extra Funding from Intel Capital in Sequence D Extension and Names Prime Healthcare Leaders to its Board