SoftBank leads $136m investment in health start-up

SoftBank Group led a US$100 million (S$136 million) investment in Biofourmis, a software start-up that predicts problems for patients with heart conditions.

SoftBank's financing came from Vision Fund 2, a successor to its initial US$100 billion fund.

Existing investors EDBI of Singapore, MassMutual Ventures, Openspace Ventures and Sequoia Capital also joined the Series C round, according to a statement.

Biofourmis, which was founded in Singapore before it relocated its base to Boston, uses artificial intelligence (AI) to provide personalised care.

The start-up is running a program in Singapore that monitors the condition of Covid-19 patients. The strain the pandemic is placing on national healthcare systems is driving interest in technology with the potential to facilitate care automatically and remotely.

Biofourmis said it plans to use the capital to develop digital solutions across cardiology, respiratory, oncology and pain management for patients in the United States, China and Japan, said chief executive Kuldeep Singh Rajput.

"We believe Biofourmis is a leader in using AI and machine learning-based solutions to advance digital therapeutics," said SoftBank Investment Advisers managing partner Greg Moon.

Vision Fund 2 also has stakes in drug delivery firm Alto Pharmacy and blood-testing firm Karius.

BLOOMBERG, REUTERS

A version of this article appeared in the print edition of The Straits Times on September 04, 2020, with the headline 'SoftBank leads $136m investment in health start-up'. Print Edition | Subscribe