Virtual at-home care has developed into a crucial substitute for in-person care over the past few years, especially as more people have adopted digital technology. Additionally, the world needs sophisticated biotechnology methods to track complicated chronic illnesses and detect disease before it manifests.
The digital health startup Biofourmis was founded by Kuldeep Singh Rajput, Maulik Majmudar, and Mark Niu in response to this global trend. With its sophisticated, technologically enabled care solutions and clinical assistance, it is revolutionizing the way healthcare is provided globally.
Biofourmis is a biotechnology business that offers cutting-edge technologies and clinical support for home care and digital therapeutics. The company, which has its headquarters in Boston, Massachusetts, and has important offices in Singapore and India, discovers, develops, and delivers clinically validated software-based therapeutics to better patient outcomes, cutting-edge tools to clinicians for delivering personalized care, and technology to show the value of pharmacotherapy.
The business has implemented its solutions for more than 65 clients, including multi-year partnerships and strategic alliances with top medical institutions, hospitals, and health systems.
Biofourmis: Biotechnology Industry
The company Biofourmis operates in the biotechnology sector, whose global market size was projected to be $403.1 billion in 2022. The market is being driven by advantageous market initiatives as a result of the growth of the biotechnology sector in developing nations like India, China, and Japan. Consequently, it is anticipated that the global market for biotechnology will reach $974.5 billion by 2030, with a remarkable CAGR of 13.44% from 2023 to 2030.
Even the Covid-19 epidemic had a favorable effect on the biotechnology industry since it increased the demand for developing novel vaccinations and diagnostic tools. Additionally, in the expanding sector, venture capital investments and strong finance support are being made available to biotechnology firms. AstraZeneca, Sanofi, Gilead Sciences, Inc., Bristol-Myers Squibb, and Biogen are a few of the major companies in the sector.
The Founders and Team
Co-founders: Maulik Majmudar, Mark Niu, Kuldeep Singh Rajput
About Maulik Majmudar
The Chief Medical Officer and Co-Founder of Biofourmis is Maulik Majmudar. He earned his M.D. in Doctor of Medicine from Northwest University – The Feinberg School of Medicine after earning his B.Sc. in Biochemistry and Neurobiology from the University of Maryland. Maulik also completed fellowships in cardiovascular medicine at Brigham and Women’s Hospital (Harvard Medical School) and cardiac MRI at Duke University School of Medicine. He is currently HILABSINC’s medical advisor as well.
About Mark Niu
Mark Niu has a background in chemical engineering. He served as the company’s Chief Product Officer in addition to being the co-founder and Chief Privacy Officer (CPO) of Biofourmis. Mark also serves as a TipsyVerse advisor on a part-time basis.
About Kuldeep Singh Rajput
As co-founder and CEO of Biofourmis, Kuldeep Singh Rajput leads the company. He has a doctorate from the National University of Singapore in electrical engineering (neurotechnologies). He holds other positions with HealthXL, Forbes Technology Council, and Neuroglee Therapeutics in addition to his work at Biofourmis.
Chief People Officer: Denise Chittick
Chief Financial Officer: Renika Sehgal
Chief Operating Officer: Jaydev Thakkar
Chief Commercialisation Officer: Ross Armstrong
Chief Technology Officer: Milan Shah
Nearly 500 people work with Biofourmis, including 40 data scientists.
The beginning of Biofourmis
Mark Niu, Maulik Majmudar, and Kuldeep Singh Rajput introduced Biofourmis in 2015. Kuldeep relocated to Singapore to pursue his Ph.D. but left early to launch a company with co-founders Mark Niu and Maulik Majmudar after realising there was an opportunity to “predict a disease before it happens.”
In 2019, the business relocated its headquarters from Singapore to the United States. The FDA approved Biovitals Analytics Engine for Ambulatory Physiologic Monitoring the same year as well. Additionally, in July 2022, the FDA designated the Bio Vitals software as a Breakthrough Device. In February 2022, Biofourmis introduced Biofourmis Care, their online platform for specialised care.
Biofourmis: Purpose and Aspirations
Utilising data and technology to create innovations that deliver the proper care to every individual, wherever they are, is the goal of Biofourmis.
Business Model of Biofourmis
The Bioformis platform uses data and FDA-approved algorithms to give therapies that are specifically tailored to an individual and his disease. It can be customised and scaled to fit the demands of the business and patient populations.
Real-time collection and analysis of more than 120 biomarkers are performed by the company’s AI-driven solutions, which also spot trends needing early intervention. Through this innovation, Biofourmis is able to provide connected access to hospital-level services, game-changing clinical trials, and virtual provider networks for remote care—all without requiring patients to leave their homes.
The linked platform from Biofourmis enhances patient outcomes, speeds up drug development, reduces readmissions to the hospital, and plugs significant care gaps. The company’s platform monitors around 100,000 patients worldwide and has reduced 30-day readmissions by 70%, made it possible to spot deterioration 21 hours earlier, and cut costs or treatment by roughly 38%.
On prescribed medications sold through its digital pill, Biofourmis receives a commission.
Product and Services
Biovitals, Biofourmis Connect, and Biofourmis Care are among the products offered by Biofourmis. Numerous features, such as device connection, data science, engagement, personalized interventions, clinical and in-home services, and care coordination are all familiar to these platforms.
Investments and Financing
Eight investment rounds totaling $443.1 million were conducted by Biofourmis. Its most recent investment round, the Series D Round, raised $300 million and was concluded in April 2022. Intel Capital, Openspace, SoftBank Vision Fund, Sequoia Capital, and EDBI are a few investors who are supporting Biofourmis.
By receiving Series D funding in 2022 and reaching a $1.3 billion valuation, Biofourmis has exceeded the unicorn designation. Additionally, the business increased its workforce from 150 employees in 2020 to 500 in 2022.
Mergers and Acquisition: Gaido Health and Biovotion were both purchased by Biofourmis on April 16, 2020, and on November 19, 2019, respectively.
Obstacles Faced by Biofourmis
Biofourmis identified connectivity as a critical challenge because it intends to operate globally. The business ran into problems with Bluetooth connectivity blind spots that could lead to an unplanned disconnect between their app and linked device. By switching from Bluetooth to cellular connectivity over 4G networks, Biofourmis overcomes this difficulty.
Among the honours received by Biofourmis are:
- Won the “Digital/Mobile Health Solution” and “Cost Saving” categories of the 2021 Fierce Healthcare Innovation Awards for the Hospital@Home solution.
- Featured on the 2019 CB Insights Digital Health 150 list of the Most Innovative Digital Health Startups
Biofourmis is planning to go public in the future; the date is probably 2023.
- Who are Biofourmis’ primary rivals?
Ans. BioBeat, Byteflies, Validic, Acorai, MayaMD, and Healios are the primary rivals of Biofourmis.
- Who are Biofourmis’ founders?
Ans. Mark Niu, Maulik Majmudar, and Kuldeep Singh Rajput co-founded Biofourmis in 2015.