Biofourmis raises $35m in series B funding round to further biotech and AI ethos
By James Bourne
James is editor in chief of TechForge Media with a passion for how technology influences business.
(c)iStock.com/Who_I_Am
Singapore-based biotech provider Biofourmis has raised $35 million (£28m) in a recent series B funding round led by Sequoia India and MassMutual Ventures, along with EDBI, Jianke, and existing investors Openspace Ventures, Aviva Ventures and SGInnovate.
The raised amount will be used by Biofourmis to commercialise in the US and Asia and expand its team focused on data science, clinical and regulators and sales operations.
Kuldeep Singh Rajput, founder and CEO of Biofourmis, said: "Our core focus has always been to optimise therapies to augment patient care and health outcomes. The past year was filled with exciting achievements as our team made great strides in advancing our products, in addition to strengthening our regulatory platform and signing contracts with numerous global pharmaceutical firms.
"Our new funds will allow us to rapidly expand our workforce and commercialisation efforts, while further demonstrating the clinical efficacy of our digital therapeutics platform through research and development."
The company was recently granted a 510(k) clearance by the FDA for its cloud-based software solution, called RhythmAnalytics, which uses deep learning to read and interpret cardiac arrhythmias.
The potential for such use cases are evident. As this publication previously reported, machine-learning algorithm LogitBoost is said to predict heart attacks and death from heart disease with a degree of accuracy beating human practitioners. The algorithm, which claims to have 90 per cent accuracy, was trained on data from 950 chest pain patients. Each of the patients have known outcomes after six years. Combined, this algorithm was able to identify patterns that indicated a higher chance of a heart attack or cardiac-related death.
Interested in hearing industry leaders discuss subjects like this and their use cases? Attend the co-located AI & Big Data Expo events with upcoming shows in Silicon Valley, London, and Amsterdam to learn more. Co-located with the IoT Tech Expo, Blockchain Expo, and Cyber Security & Cloud Expo.
Babylon Health's GP at Hand causes £21.6m funding gap
Amazon patent envisions Alexa listening to everything 24/7
Receive AI news to your inbox