Venture capital firm Sequoia Capital India and the United States-based MassMutual Ventures have co-led a $35 million (Rs 243 crore at current exchange rate) Series B funding round in health-tech startup Biofourmis Singapore Pte. Ltd.
MassMutual Ventures is the venture capital arm of Massachusetts Mutual Life Insurance Company.
Others that invested include Singapore governmental agency Economic Development Board, Openspace Ventures and Aviva Ventures.
Biofourmis will use the fresh funds to expand its reach in the US and Asian markets as well as increase the strength of various teams that are core to its operations. Following the investment, the company will also expand its Boston offices and move its headquarters there from Singapore.
Biofourmis co-founder and chief executive Kuldeep Singh Rajput said the investment would also help in demonstrating the viability of the therapeutics platform. “Our core focus has always been to optimise therapies to boost patient care and health outcomes,” he said.
Sequoia Capital India principal Anjana Sasidharan said the venture capital firm was confident about Biofourmis’ product offerings. “They have already aligned with credible, high-quality institutional partners to successfully transition digital therapeutics from concept to reality,” she added.
Founded in 2015 by Rajput and Wendou Niu, Biofourmis said it uses its proprietary artificial intelligence-powered platform to help treat and manage chronic conditions as well as provide patients with at-home monitoring solutions and personalised analytics. The company says its products have been used by clients such as the Massachusetts General Hospital and the National Heart Centre Singapore.
In March, Sequoia Capital India led a $15.8 million (around Rs 110 crore then) Series D funding round in Rebel Foods, which owns and operates a number of brands including Faasos and Behrouz Biryani.
In January, Sequoia led a $25 million (around Rs 178 crore then) round in online insurance platform Turtlemint. Sequoia has also backed other companies including HealthKart, Freshworks and BankBazaar.
In August 2018, Sequoia closed its sixth fund at $695 million to invest in early- and growth-stage companies in the country and Southeast Asia, where it has made over 200 bets in startups. In October that year, it split its investment team into venture and growth verticals in line with its US and China strategy.