AI-based healthtech startup, Biofourmis Singapore Pte Ltd said it has raised $300 million as part of its Series D funding round led by private equity firm General Atlantic, propelling the company into the much-coveted unicorn club.
A unicorn is a privately-held startup valued at over $1 billion.
New investor CVS Health and existing investors also participated in this funding round, a statement by the new unicorn said.
Founded in 2015 by Kuldeep Singh Rajput and Wendou Niu, Biofourmis provides advanced technology and AI-based clinical support for home care and digital therapies. It has raised a total of $445 million in funding so far.
Biofourmis will use the fresh capital to ramp up its virtual care offerings and finance clinical trials to boost the development of digital therapies. It will also use part of the money to bolster its position in the value-based care market that ties payments to quality of care and patient outcomes, rewarding providers for efficiency, it added.
“In recent years, we have seen a significant trend towards virtual at-home care, which has become a critical alternative to in-person care, particularly as digital adoption continues to accelerate,” said Sandeep Naik, managing director and head of India & Southeast Asia at General Atlantic.
“Biofourmis is tapping into this global trend with a new approach to remote care management," Naik added.
As for General Atlantic, this is not its first notable investment in companies focused on healthcare technology services.
The New York-based PE company invested $111.25 million in CitiusTech March 2014, according to VCCEdge, the data and intelligence platform of VCCircle. In 2019, Baring Private Equity Asia signed a definite agreement to buy CitiusTech, paving the way for General Atlantic's exit.
Prior to the latest funding round, Biofourmis raised $100 million (Rs 733 crore) in its Series C round led by SoftBank’s Vision Fund 2 in September 2020.
Other participants in this round include existing investors Openspace Ventures, MassMutual Ventures, Sequoia Capital and EDBI.
The AI-based healthcare startup raised $35 million in a Series B funding round in May 2019 co-led by Sequoia and MassMutual Ventures.