- Additional funding brings Series D round to $320M total
- Trevor Fetter, MBA, senior
lecturer on the faculty of Harvard Business
School and former longtime Tenet Healthcare chairman and
CEO, named to Board
- Sachin H. Jain, physician
executive with government, pharmaceutical, payer and provider
experience, joins Board
BOSTON, Aug. 10,
2022 /PRNewswire/ -- Biofourmis, a Boston-based global leader in virtual care and
digital medicine, today announced that Intel Capital, the strategic
investment arm of chipmaker Intel Corporation, has joined its
Series D financing in an extension that brings the total funding
raised in the round to $320M. The
initial Series D funding round was announced in April and was led
by global growth equity firm General Atlantic with participation by
CVS Health (NYSE:CVS), Trevor Fetter
and existing investors.
Biofourmis announced earlier that it is using the funds from the
Series D round to scale up its virtual care offerings that drive
high-quality care-at-home across the continuum as well as digital
medicine initiatives, including building digital companion
therapeutics to augment existing and upcoming novel therapies.
"Biofourmis is laser-focused on delivering real-time patient
insight to clinicians to improve the home-based care experience,"
said Mark Rostick, Vice President
and Senior Managing Director at Intel Capital. "Through edge
computing and edge-to-cloud processing capabilities, Biofourmis is
redefining the patient and provider journey leveraging advanced
technology."
Biofourmis continues to buck health tech funding trends with
this Series D extension, which comes during a downturn in digital
health investment. According to a recent Rock Health report, the
first half of 2022 saw 329 digital health funding deals totaling
$10.3 billion—down from $14.7 billion raised in the first half of 2021
across 372 deals.
"To receive this additional funding from the venture capital arm
of a global technology giant during an unpredictable time in
digital health investment is further validation of Biofourmis'
market strength and potential and validates that we are
distinguishing ourselves in the market," said Kuldeep Singh Rajput,
founder and CEO of Biofourmis. "We are on a strong trajectory for
continued strategic growth in the coming years in terms of
customers, partners and solution development."
Biofourmis today also announced the appointment of two esteemed
healthcare leaders to its Board: Trevor
Fetter, MBA, senior lecturer on the faculty of Harvard Business School and former longtime Tenet
Healthcare Chairman and CEO; and Sachin H.
Jain, MD, MBA, president and CEO of SCAN Group and SCAN
Health Plan.
Fetter led one of nation's largest
for-profit health systems
Helping Biofourmis scale its company and solutions will be
Fetter, who is a senior lecturer at Harvard
Business School. Fetter was formerly chairman and CEO of
Tenet Healthcare Corporation, one of the largest health systems in
the U.S., which he helped grow to $20
billion in revenues and steadily increased margins.
Fetter also launched adjacent businesses—Conifer Health
Solutions and United Surgical Partners International—which are now
multi-billion-dollar enterprises and leaders in their respective
fields. Fetter retired as chairman and CEO of Tenet in late 2017.
He is also an active corporate director and investor, including
participation in Biofourmis' initial Series D round.
"What attracted me to Biofourmis was not only its flexible,
scalable and powerful turn-key technology, but also its recent
strategic diversification in offering remote, specialized care
teams to healthcare organizations to fill clinical staffing gaps
with around-the-clock management and care," said Fetter, referring
to the launch of the Biofourmis Care@Home offering for chronic
disease management. The complex chronic disease service currently
offers five virtual care programs: heart failure, hypertension,
diabetes, lipid management and atrial fibrillation. The specialty
care programs are delivered remotely by Biofourmis' trained health
navigators, who are frontline care coordinators, as well as a
multidisciplinary team of licensed clinicians, including
physicians, nurses and advanced practice providers.
Dr. Jain contributes healthcare
delivery reform insight
Dr. Jain, a board-certified internal medicine physician, has 20
years of experience in clinical medicine, health policy, managed
care and healthcare delivery leadership. He was Special Assistant
to the National Coordinator in the Office of the National
Coordinator for Health Information Technology (ONC) and was part of
the founding team at the Centers for Medicare and Medicaid
Innovation (CMMI). He was the global Chief Medical Information and
Innovation Officer at Merck and served as the President and Chief
Executive Officer at CareMore Health and Aspire Health, both
divisions of Anthem. At CareMore, Dr. Jain launched
hospital-at-home and home-based primary care programs and
implemented novel clinical interventions to address loneliness and
social isolation.
Today, Dr. Jain is president and CEO of SCAN Group and Health
Plan, a diversified healthcare services organization that serves
more than 300,000 older adults with $4
billion in revenues. Under his leadership, SCAN has grown
its membership and footprint and has launched four new care
delivery divisions that focus on home and community-based care:
WelcomeHealth, HomeBase Medical, Healthcare in Action, and MyPlace
Health. He also serves on the boards of Cardiovascular Systems Inc.
and Make-A-Wish America.
Dr. Jain's experience in public and commercial health insurance
will be invaluable to Biofourmis as more payers and "payviders"
(health systems that also sell and administer their own health
plans) ramp up their implementation of virtual care programs across
acute, post-acute and chronic condition management given the
significant potential cost, clinical outcome and patient experience
benefits.
"The convergence of greater acceptance of virtual care models,
as well as the broader use of value-based payments, creates a
moment where many of the digital health and care delivery ideas
that have long been gaining momentum are now coming to full speed,"
Dr. Jain said. "Biofourmis is at the forefront of helping bring
those concepts to life, and I look forward to helping define the
future of digital health and to support a company that is leading
this transformation."
About Biofourmis
Biofourmis, based in Boston, is
a global leader in providing advanced technology and clinical
support for Care@Home and digital therapies. We are driven by a
passion to personalize care and predict clinical worsening before
it happens. Our clinically validated platform, powered by machine
learning and advanced analytics, enables better healthcare,
maximizes the effectiveness of high-value drugs, and lowers costs
across the entire care continuum. For more information, visit
www.biofourmis.com and follow us on LinkedIn, Twitter and
YouTube.
Media Contact:
Tara
Stultz
Amendola Communications for Biofourmis
440.225.9595
tstultz@acmarketingpr.com
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