Biofourmis Acquisition, Valuation, Funding & Investors

Biofourmis was acquired by CopilotIQ in October 2024.

Biofourmis acquisition price

Undisclosed

Acquired by CopilotIQ · Oct 2024

Cumulative funding Biofourmis raised

$464M

across 8 funding rounds

Key investors in Biofourmis

  • Openspace Capital
  • EDBI
  • Aviva Ventures
  • SGInnovate
  • MMV Europe & Asia-Pacific
  • SpesNet Pte. Ltd.
  • Sequoia Capital
  • Peak XV Partners

Biofourmis Overview

About Biofourmis

Biofourmis is a Boston-headquartered digital therapeutics company founded in 2015. It creates AI-driven software platforms combining biosensors and machine learning to personalize care for heart failure, COPD, and cancer patients. Biofourmis delivers remote monitoring tools to clinicians and cost-saving analytics to payers in the United States, Singapore, and India. The firm collaborates with hospitals like Mass General Brigham on large-scale deployments predicting clinical deteriorations for early interventions.


Founded

2015

HQ

United StatesBoston, MA

Status

Acquired

Customer focus

B2B

Revenue model

Subscription, Usage-based

Valuation

$1.3B (Jul 2022)

Biofourmis Acquisition

Biofourmis was acquired by CopilotIQ for an undisclosed price on 21 October 2024.

Before the acquisition Biofourmis had raised $464M across 8 funding rounds.

Biofourmis, a global technology-enabled care delivery company, provides in-home care solutions for enterprise healthcare customers, including FDA-cleared AI-guided algorithms, clinical-grade wearable devices, in-home services orchestration, nursing services, and a virtual specialty care platform for remotely monitoring acute and post-acute patients. CopilotIQ, launched in 2021, offers a High Frequency Connected Care platform for older Americans with chronic conditions like hypertension and diabetes, combining continuous biomarker data, behavioral analytics, U.S.-licensed nursing visits, patient engagement software, and clinical automation to improve outcomes and efficiency. The companies announced a strategic merger on October 21, 2024, creating the industry's first AI-driven end-to-end platform for comprehensive in-home care across the full spectrum from pre-surgical optimization to acute, post-acute, and chronic care management. The all-stock merger combines CopilotIQ's consumer-facing chronic care business with Biofourmis' enterprise-focused offerings, providing hospitals and payers a 'single pane of glass' solution that simplifies technology integration, security audits, procurement, operations, and patient experience while reducing fragmentation from multiple point solutions. David Koretz serves as CEO of the combined Nashville- and Boston-based entity, aiming to transform healthcare from reactive to proactive, personalized care at lower costs. Leading investors including General Atlantic, Openspace Ventures, and Bessemer Venture Partners co-led fresh investment into the merged company. The deal follows Biofourmis' challenges, including July 2023 layoffs of 120 employees worldwide and founder Kuldeep Singh Rajput's CEO departure a month later, after which he transferred his shares to investors and launched a new healthtech startup. Law firms Paul Weiss advised Biofourmis, and Foley advised CopilotIQ. The merger expands Biofourmis' capabilities in supporting health systems, payers, and life sciences with integrated patient engagement and clinical personalization across acute and post-acute offerings amid rising demand for cost-effective home-based care.

Biofourmis acquisition details
AcquirerDateType
  • CopilotIQ
21 Oct 2024Strategic M&A

Biofourmis Valuation

Biofourmis is currently valued at $1.3B, based on its Series D in July 2022.

The $20M round was led by Intel Capital.

Biofourmis' valuation has grown 5.2x from $250M at its Series B in May 2019 to $1.3B in July 2022, across 4 priced rounds.

Biofourmis valuation by funding round

Biofourmis valuation by funding round
DateStageValuation
Jul 2022Series D$1.3B
Apr 2022Series D$1.3B
Sep 2020Series C$750M
May 2019Series B$250M

Biofourmis Funding History

Biofourmis has raised a total of $464M across 8 funding rounds.

Biofourmis' first fundraising round was a $1M angel round in August 2016. The most recent completed round was a $20M Series D in July 2022.

Biofourmis funding rounds

Biofourmis funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2022Series DIntel Capital (lead)$20M$1.3BBiofourmis is a Boston-based digital health company founded in 2015, specializing in AI-driven remote patient monitoring, virtual care, and digital therapeutics to support health systems, payers, pharma, and providers with personalized care, chronic condition management, hospital-at-home, and post-discharge programs. It partners with institutions like Brigham and Women’s Hospital, Mass General, and UCI Health, emphasizing clinically validated solutions that reduce costs by 38% and improve outcomes by 70% compared to usual hospital care in some programs. In April 2022, Biofourmis raised $300 million in an initial Series D round led by General Atlantic with participation from CVS Health and others, achieving unicorn status at a $1.3 billion valuation. On July 27, 2022, Intel Capital provided a $20 million extension, bringing the total Series D to $320 million, validating the company's strength amid a digital health funding slowdown (329 deals totaling $10.3 billion in H1 2022 per Rock Health, down from prior year). The funding supports scaling virtual care offerings, digital medicine initiatives, clinical trials, high-quality care-at-home across continuums, and inorganic growth via potential M&A. Biofourmis appointed Harvard Business School lecturer Trevor Fetter and SCAN Group CEO Sachin Jain to its board alongside the extension. Total funding raised across rounds reached $463.6 million by mid-2022 from investors including SoftBank Vision Fund, General Atlantic, CVS Health, and Intel Capital. The company focuses on AI-based predictive analytics for tracking patient progress post-hospitalization, expanding from primary to chronic care including heart failure, atrial fibrillation, diabetes, and hypertension via its Care at Home platform launched in February 2022. Biofourmis aims to broaden hospital partnerships, enhance clinical workflows, pursue strategic acquisitions, and solidify leadership in healthtech remote monitoring.
Apr 2022Series DGeneral Atlantic (lead); CVS Health; Openspace Capital; EDBI$300M$1.3BBiofourmis, a global leader in virtual care and digital medicine, develops an AI-driven platform for remote patient monitoring, digital therapeutics, and personalized treatment using biosensors and predictive analytics to manage chronic conditions like heart failure, cancer, and acute coronary syndrome. The platform spans hospital-at-home programs, post-discharge care, and virtual specialty care, demonstrating clinical outcomes such as 70% reduction in 30-day hospital readmissions and 38% lower care costs without quality impacts. On April 26, 2022, Biofourmis raised $300 million in a Series D round led by General Atlantic, with participation from CVS Health and existing investors including Openspace Ventures, EDBI, SoftBank Vision Fund 2, MassMutual Ventures, and Sequoia Capital, propelling the company to unicorn status at a $1.3 billion post-money valuation. This brought total funding to $445 million, following a $100 million Series C in 2020 valued at $700 million. Dr. Omar Ishrak, former Medtronic CEO, joined as Chairman. Proceeds will fuel growth through clinical trials for digital biomarkers and therapeutics, strategic partnerships, M&A for market penetration, and expansion into value-based care models. The round counters declining health tech funding trends, highlighting Biofourmis' clinical validation, customer base, and ROI demonstration in remote care.
Sep 2020Series CSoftBank Group (lead); MMV Europe & Asia-Pacific; Capikris Foundation; Openspace Capital; Sequoia Capital; EDBI$100M$750MBiofourmis is a Boston-based digital therapeutics company founded in 2015 that combines artificial intelligence-driven analytics with wearable biosensors to enable remote patient monitoring and virtual care. The company's platform helps healthcare providers track patient progress and treatment effectiveness across conditions including cardiovascular disease, respiratory illness, oncology, and pain management. Biofourmis closed a $100 million Series C funding round in September 2020 led by SoftBank Vision Fund 2, with participation from returning investors EDBI, MassMutual Ventures, Openspace Ventures, and Sequoia Capital. The company announced that in the first half of 2020, it achieved approximately 10x revenue growth compared to the full year 2019, driven by expanded partnerships including seven pharmaceutical companies and ten health systems globally such as Novartis, AstraZeneca, and Mayo Clinic. Biofourmis planned to use the Series C proceeds to accelerate global expansion, advance its product pipeline, develop additional care pathways, and expand into Asian markets including China and Japan, while the broader digital therapeutics sector benefited from increased adoption of remote monitoring due to the COVID-19 pandemic.
May 2019Series BMMV Europe & Asia-Pacific (lead); Peak XV Partners (lead); SGInnovate; Openspace Capital; Fangzhou; EDBI; Aviva Ventures$35M$250MBiofourmis is a Singapore-based health tech company developing an AI-powered platform for remote patient monitoring and digital therapeutics, focusing on chronic conditions like heart failure, COPD, and chronic pain through its Biovitals platform that predicts clinical exacerbations. The $35 million Series B round closed on May 21, 2019, led by MMV Europe & Asia-Pacific (MassMutual Ventures) and Peak XV Partners (then Sequoia India), with participation from EDBI, Jianke, Openspace Capital, Aviva Ventures, and SGInnovate, bringing total funding to $41.6 million. The funds were intended for platform expansion and advancement of AI-driven digital medicine.
May 2018Series ASGInnovate; Aviva Ventures$2M--
Dec 2017Series AAviva Ventures (lead); Openspace Capital (lead)$5M-Biofourmis, founded in 2015 in Singapore with US headquarters, develops an AI-driven software platform for remote patient monitoring and personalized care for chronic conditions like heart failure and cancer. Aviva Ventures and Openspace Ventures (then NSI Ventures) provided $5 million in Series A funding around December 2017 to scale operations and enhance product offerings. This followed a $1 million seed round and preceded a $2 million Series A extension in May 2018 from Aviva Ventures and SGInnovate. The company continued raising capital, including a $35 million Series B in 2019 and later rounds totaling over $445 million.
May 2017SeedSpesNet Pte. Ltd. (lead)$500K--
Aug 2016AngelEden Strategy Institute (lead); SpesNet Pte. Ltd. (lead)$1M--

Who has invested in Biofourmis?

15 investors have backed Biofourmis across its funding rounds, including Openspace Capital, EDBI, Aviva Ventures, SGInnovate, MMV Europe & Asia-Pacific and SpesNet Pte. Ltd..

Lead investors include Intel Capital, General Atlantic, SoftBank Group, MMV Europe & Asia-Pacific, Peak XV Partners and 4 other investors.


Biofourmis Investors

Investors in Biofourmis by funding rounds participated
InvestorHQRoundsRoleFirst check
Openspace CapitalSingaporeSingapore4LeadDec 2017
EDBISingaporeSingapore3ParticipantMay 2019
Aviva VenturesUnited KingdomLondon3LeadDec 2017
SGInnovateSingaporeSingapore2ParticipantMay 2018
MMV Europe & Asia-PacificSingaporeSingapore2LeadMay 2019
SpesNet Pte. Ltd.South AfricaSouth Africa2LeadAug 2016
Eden Strategy InstituteSingaporeSingapore1LeadAug 2016
CVS HealthUnited StatesProvidence, RI1ParticipantApr 2022
SoftBank GroupJapanTokyo1LeadSep 2020
Capikris FoundationSingaporeSingapore1ParticipantSep 2020
General AtlanticUnited StatesNew York City, NY1LeadApr 2022
Sequoia CapitalUnited StatesSan Francisco, CA1ParticipantSep 2020
FangzhouChinaChina1ParticipantMay 2019

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Acquisitions by Biofourmis

Biofourmis has acquired 2 companies to date.

Last acquisition by Biofourmis was on April 16th 2020. Biofourmis acquired Gaido Health for undisclosed valuation.


Latest Acquisitions by Biofourmis

Gaido Health
Biovotion
Description
Gaido Health is a healthtech company offering AI-driven remote monitoring for cancer patients post-discharge. Its platform analyzes wearable data and patient-reported outcomes to detect complications early. Gaido Health integrates with electronic health records from Epic and Cerner for oncologists in U.S. hospitals.
Biovotion is a Zurich-based developer of wearable vital signs monitors using multi-sensor patches. Its platform tracks heart rate, blood oxygen, perfusion, temperature, activity, heart rate variability, respiratory rate, energy expenditure, sleep, and stress with medical-grade accuracy. Integrated into cloud systems, it matches hospital ECG standards and expands via software updates. Founded in 2014, Biovotion holds over 20 patents and supplies devices to hospitals in Switzerland and Germany. The management team includes experts from ETH Zurich with deployments in telehealth programs.
HQ CountryUnited StatesSwitzerland
HQ City
Los Angeles, CA
Zurich
Deal Date16 Apr 202019 Nov 2019
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Biofourmis Competitors

Biofourmis competitors include listed companies like Sphere and EverCommerce, and private ones like Overjet, Hippocratic AI, MasterControl and Viz.

Public and private companies comparable to Biofourmis
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
SphereSouth KoreaSouth KoreaPublicly listed$70M$6M$813M6.9x
OverjetUnited StatesBoston, MAPrivate--$712M-
Hippocratic AIUnited StatesSan Francisco, CAPrivate--$3.5B-
MasterControlUnited StatesSalt Lake City, UTPrivate$100M-$1.3B13.0x
VizUnited StatesUnited StatesPrivate$100M-$1.3B12.8x
EverCommerceUnited StatesUnited StatesPublicly listed$589M$128M$1.4B2.9x

Biofourmis Public Comps

Biofourmis is no longer listed, but its public comps include EverCommerce, U.S. Physical Therapy, Indegene, Omnicell, PHC Holdings, Vitec Software, iFLYHealth, Helus Pharma, HealthStream and MedicalSystem Technology.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
EverCommerce$589M$128M3.0x2.9x13.7x9.5x
U.S. Physical Therapy$781M$110M2.5x2.3x17.5x18.9x
Indegene$366M$68M3.7x3.3x19.9x18.2x
Omnicell$1.2B$92M1.2x1.1x15.0x8.1x
PHC Holdings$2.3B$320M1.0x1.0x7.2x6.5x
Vitec Software$371M$151M3.7x3.5x9.1x9.0x
iFLYHealth$136M($7M)7.7x6.2x(150.8x)(144172.5x)
Helus Pharma-($153M)--(5.4x)(4.8x)

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Common questions about Biofourmis

When was Biofourmis founded?Biofourmis was founded in 2015.
Where is Biofourmis headquartered?Biofourmis is headquartered in Boston, MA, United States.
Is Biofourmis publicly listed?No, Biofourmis was acquired by CopilotIQ in October 2024.
Who acquired Biofourmis?Biofourmis was acquired by CopilotIQ in October 2024.
What is Biofourmis' valuation?Biofourmis was last valued at $1.3B in its Series D in July 2022.
How much funding has Biofourmis raised?Biofourmis has raised $464M across 8 funding rounds.
What was Biofourmis' last funding round?Biofourmis' last funding round was a $20M Series D in July 2022, led by Intel Capital.
Who are Biofourmis' investors?Biofourmis' investors include Openspace Capital, EDBI, Aviva Ventures, SGInnovate, MMV Europe & Asia-Pacific, SpesNet Pte. Ltd., Eden Strategy Institute, CVS Health, SoftBank Group, Capikris Foundation and 5 others.
Which companies are comparable to Biofourmis?Companies comparable to Biofourmis include Sphere, Overjet, Hippocratic AI, MasterControl, Viz and EverCommerce.
How many companies has Biofourmis acquired?Biofourmis has acquired 2 companies, including Gaido Health and Biovotion.

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