Health-tech firm raises $6.8m in Series A round

Biofourmis' founder and Chief Executive Officer Kuldeep Singh Rajput with the Biovitals analytics system developed by his team.
Biofourmis' founder and Chief Executive Officer Kuldeep Singh Rajput with the Biovitals analytics system developed by his team. PHOTO: ST FILE

Singapore-based health-tech firm Biofourmis has raised US$5 million (S$6.8 million) in a Series A round of funding.

The investments were made by venture capital firm NSI Ventures and Aviva Ventures, the corporate venture arm of insurer Aviva.

Biofourmis has created an analytics platform known as biovitals that uses artificial intelligence to analyse physiology data from clinical-grade wearable devices.

The data allows medical staff to intervene before a critical event takes place, which could improve health outcomes and lower costs.

Mr Kuldeep Singh Rajput, the founder and chief executive of Biofourmis, said: "We look forward to leveraging NSI Venture'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."

Mr 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."

Biofourmis will use the funding to scale up its commercial operations to provide post-acute patient monitoring services and prepare for the commercial launch of biovitals.

The firm has also entered into a collaboration with the Mayo Clinic in the United States that allows it to access healthcare data from clinical trials as well as the clinic's medical insights. Mayo Clinic has a financial interest in Biofourmis and the relevant technology.

A version of this article appeared in the print edition of The Straits Times on December 12, 2017, with the headline 'Health-tech firm raises $6.8m in Series A round'. Print Edition | Subscribe