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SINGAPORE-BASED digital healthtech firm Biofourmis has raised US$5 million in a Series A round of funding from venture capital firm NSI Ventures and Aviva Ventures, the corporate venture arm of insurer Aviva.
Biofourmis has created a health analytics platform known as biovitals, which leverages artificial intelligence to analyse physiology data from clinical grade wearables. The data gleaned from this allows medical professionals to intervene before a critical medical event takes place, which can potentially improve health outcomes and lower healthcare costs.
In addition, Biofourmis has entered into a collaboration with the Mayo Clinic, which would enable the company to access anonymised healthcare data from clinical trials and Mayo's medical insights. Mayo Clinic has a financial interest in the company and the relevant technology.
Kuldeep Singh Rajput, founder and CEO of Biofourmis, said: "We look forward to leveraging NSI's expertise and hands-on approach to help companies scale globally, and benefit from Aviva's insurance expertise and ability to tap into their global customer base."
Biofourmis will use the funding to scale up its commercial operations to provide post-acute patient monitoring services and it is preparing for the commercial launch of its software as a service (SaaS) platform, biovitals.
Meanwhile, Biofourmis and Mayo Clinic will collaborate on refining wearable biosensor-based diagnostic algorithms and alerts that integrate with the SaaS platform, biovitals, to predict heart failure events.
Fernand Lendoye, managing director of Aviva Ventures (Asia), said: "Biofourmis is a great example of Aviva Ventures' ideal of a new technology business that's tackling a huge problem for customers and society with global implications, and has the ability to scale up."