Biofourmis, a global leader in virtual care and digital medicine, announced Tuesday it has surpassed unicorn status with a $300 million Series D investment led by leading global growth equity firm General Atlantic.

CVS Health and existing investors also participated in the round, which will help fuel the company’s next phase of growth, Biofourmis said in a statement.

Meanwhile, former Medtronic Chief Executive Officer and Chairperson at Intel Dr. Omar Ishrak, will join the company’s Board of Directors as Chairman.

With this investment, Biofourmis plans to scale up its virtual care offerings. This includes delivering personalized and predictive in-home care to a growing number of acutely ill patients and expanding its recently announced virtual specialty care services, Biofourmis Care, to those patients with complex chronic conditions.

In parallel, the firm plans to fund clinical trials to advance the development of digital therapies that work in conjunction with high-value drugs to improve efficacy, while forming strategic partnerships with companies in the digital health and virtual-first care ecosystems.

Through these relationships, Biofourmis plans to accelerate the growth of its virtual care platform, Care@Home, which enables providers and payors to remotely manage patients across the entire care continuum.

The firm also aims to use the funding to continue strengthening its position in the value-based care market. Value-based care ties payments to quality of care and patient outcomes, rewarding providers for efficiency and effectiveness.

“We are excited to partner with General Atlantic, which shares our vision for the future of virtual care and the urgency to bring the Biofourmis solution to customers and patients across the globe. We are also thrilled to have Dr. Ishrak join our board. His vast experience, which includes leading one of the world’s most successful medical technology companies, will be an incredible asset as we look to take our business to the next growth phase,”said Kuldeep Singh Rajput, Founder and Chief Executive Officer of Biofourmis.

Biofourmis was originally based in Singapore before moving its headquarter to Boston. It is a global leader in providing advanced technology and clinical support for Care@Home and digital therapies. Its 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.

“I’m thrilled to join Biofourmis as Chairman of the Board at this exciting time in the company’s rapid rise as a leading innovator in virtual care and digital medicine. Biofourmis continues to push the boundaries as it evolves virtual care from reactive to predictive models that deliver continuous care and better health outcomes to patients while improving efficiencies and lowering costs for healthcare organizations. It’s a win-win that is a true differentiator in the market,” said Dr. Ishrak.

To date, Biofourmis has raised a total of $445 million in funding. Its existing investors include SoftBank Vision Fund 2, Openspace Ventures, MassMutual Ventures, Sequoia Capital and EDBI.

“In recent years, we have seen a significant trend towards virtual at-home care, which has become a critical alternative to in-person care, particularly as digital adoption continues to accelerate. Biofourmis is tapping into this global trend with a new approach to remote care management,” said Sandeep Naik, Managing Director and Head of India & Southeast Asia at General Atlantic.

Robbert Vorhoff, Managing Director and Global Head of Healthcare at General Atlantic, added :”We believe Biofourmis is differentiated by technology solutions underpinned by its deep clinical research. Beyond providing key patient health insights to health systems, Biofourmis is also driving personalized treatment and better outcomes.”

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