Biofourmis: Shaping the Future of Remote Patient Care

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In the past few years, we have seen a significant trend towards virtual at-home care, which is becoming a critical alternative to in-person care, particularly due to increased digital adoption. Moreover, the world demands advanced biotechnological solutions to monitor complex chronic conditions and identify the disease before it actually happens.

Kuldeep Singh Rajput, Maulik Majmudar, and Mark Niu tapped into this global trend and commenced Biofourmis, a digital health company. It is transforming how healthcare is delivered worldwide with its advanced, technology-enabled care solutions and clinical support.

Learn more about Biofourmis with this article.

Biofourmis – Company Highlights

About Biofourmis
Biofourmis – Industry
Biofourmis – Founders and Team
Biofourmis – Startup Story
Biofourmis – Mission and Vision
Biofourmis – Business Model
Biofourmis – Revenue Model
Biofourmis – Products and Services
Biofourmis – Challenges Faced
Biofourmis – Funding and Investors
Biofourmis – Mergers and Acquisitions
Biofourmis – Growth
Biofourmis – Partners
Biofourmis – Awards and Achievements
Biofourmis – Competitors
Biofourmis – Future Plan

About Biofourmis

Biofourmis is a biotechnology company providing advanced technology and clinical support for home care and digital therapies. Headquartered in Boston, United States, with key offices in Singapore and India, the company discovers, develops, and delivers clinically validated software-based therapeutics to provide better outcomes to patients, advanced tools to clinicians for delivering personalized care, and technology to demonstrate the value of pharmacotherapy.

The company has deployed its solutions with 65+ customers, including multi-year collaborations and strategic partnerships with leading pharmaceutical companies, hospitals, and health systems.

Biofourmis – Industry

Biofourmis runs the business in the Biotechnology industry, the global market size of which was estimated at $403.1 billion in 2022. Due to the rise of the biotechnology sector in developing countries like India, China, and Japan, the market is being driven by favorable market initiatives. And thus, the biotechnology global market is projected to reach $974.5 billion by 2030, with a noteworthy CAGR of 13.44% from 2023 to 2030.

Even the Covid-19 pandemic positively impacted the biotechnology market by increasing the need for discovering novel solutions to develop vaccines and diagnostic tools to combat the disease. Furthermore, biotechnology startups are acquiring robust funding support and venture capital investments in the growing industry. Some key players in the industry are AstraZeneca, Sanofi, Gilead Sciences, Inc., Bristol-Myers Squibb, and Biogen.

Biofourmis – Founders and Team

Kuldeep Singh Rajput, Maulik Majmudar, and Mark Niu are the co-founders of Biofourmis.

Kuldeep Singh Rajput

Kuldeep Singh Rajput is the co-founder and Chief Executive Officer (CEO) of Biofourmis. He is a Ph.D. holder in Electrical Engineering (Neurotechnologies) from the National University of Singapore. In addition to Biofourmis, he works as Advisor at HealthXL, Executive Council Member at Forbes Technology Council, and Board Member at Neuroglee Therapeutics.

Maulik Majmudar

Maulik Majmudar is the Co-founder and Chief Medical Officer at Biofourmis. He completed B.Sc. in Biochemistry and Neurobiology from the University of Maryland and an M.D. in Doctor of Medicine from Northwest University – The Feinberg School of Medicine. Moreover, Maulik completed Fellowship in Cardiac MRI from Duke University School of Medicine and a Fellowship in Cardiovascular Medicine from Brigham and Women’s Hospital (Harvard Medical School). Currently, he is also the Medical Advisor at HILABSINC.

Mark Niu

Mark Niu is from a Chemical Engineering background. He is the Co-founder and Chief Privacy Officer (CPO) of Biofourmis and has also worked as the company’s Chief Product Officer. Mark also works as a part-time Advisor at TipsyVerse.

Biofourmis Team

• Jaydev Thakkar – Chief Operating Officer
• Milan Shah – Chief Technology Officer
• Renika Sehgal – Chief Financial Officer
• Ross Armstrong – Chief Commercialization Officer
• Denise Chittick – Chief People Officer

Biofourmis employs nearly 500 employees, including 40 data scientists on staff.

Biofourmis – Startup Story

Biofourmis was launched in 2015 by Kuldeep Singh Rajput, Maulik Majmudar, and Mark Niu. Kuldeep moved to Singapore for his Ph.D. but dropped out to start a business with co-founders Mark Niu and Maulik Majmudar when he saw the potential to ‘predict a disease before it happens.’

The company moved its headquarters from Singapore to the United States in 2019. Also, the same year, Biovitals Analytics Engine received FDA clearance for Ambulatory Physiologic Monitoring. Furthermore, the Biovitals software received FDA Breakthrough Device Designation in July 2022. Biofourmis launched its virtual specialty care platform called Biofourmis Care in February 2022.

Biofourmis – Mission and Vision

The mission of Biofourmis is to harness the power of technology and data to shape innovations that bring the right care to every person, regardless of where they are.

Biofourmis – Business Model

Bioformis platform is driven by data and FDA-cleared algorithms that deliver interventions personalized to a person and his disease. It’s configurable and scalable to adapt to the organization’s needs and patient populations.

The company’s AI-driven solutions collect and analyze 120+ biomarkers in real-time and identify shifts requiring proactive interventions. This innovation enables Biofourmis to offer people connected access to hospital-level services, life-changing clinical trials, and virtual provider networks for remote care- without leaving their homes.

Biofourmis’ connected platform improves patient outcomes, accelerates drug development, prevents hospitalization readmissions, and closes critical gaps in care. The company’s platform monitors nearly 100,000 patients globally and achieved a 70% reduction in 30-day readmission, the ability to detect deterioration 21 hours sooner, and reductions in cost or care by almost 38%.

Biofourmis – Revenue Model

Biofourmis takes a commission on the recommended drugs sold via its digital pill.

Biofourmis – Products and Services

Biofourmis products offering include Biovitals, Biofourmis Connect, and Biofourmis Care. These platforms are acquainted with multiple features, including device connectivity, data science, engagement, personalized interventions, clinical and in-home services, and care coordination.

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Biofourmis – Challenges Faced

With plans to operate globally, Biofourmis identified connectivity as a significant issue. The company encountered issues with Bluetooth connectivity blind spots that could cause their app and connected device to disconnect unexpectedly. Biofourmis overcame this challenge by shifting from Bluetooth to cellular connectivity over 4G networks.

Biofourmis – Funding and Investors

Biofourmis has raised $443.1 million in funding by undertaking 8 funding rounds. Its latest funding round - Series D Round, was completed in April 2022 and raised $300 million. Some investors backing Biofourmis are Intel Capital, Openspace, SoftBank Vision Fund, Sequoia Capital, and EDBI.

Biofourmis – Mergers and Acquisitions

Biofourmis acquired two companies, i.e., Gaido Health on April 16, 2020, and Biovotion on November 19, 2019.

Biofourmis – Growth

Biofourmis has surpassed the unicorn status by hitting a $1.3 billion valuation with Series D funding in 2022. Moreover, the company grew from approximately 150 employees in 2020 to 500 in 2022.

Biofourmis – Partners

Biofourmis partners with 50+ global health systems, life science companies, and payers. Some of these are as follows:

• LifeBridge Health
• Loretto
• Mayo Clinic
• MediClinic
• Care New England
• Integra
• Discovery
• Northwell Health

Biofourmis – Awards and Achievements

Some of the awards Biofourmis garnered are:

• Named 2021 DPHARM Idol Disrupt Winner
• Won 2021 Fierce Healthcare Innovation awards for Hospital@Home solution in the 'Digital/Mobile Health Solution' and 'Cost Saving' categories
• Listed in the 2019 CB Insights Digital Health 150 list of Most Innovative Digital Health Startups

Biofourmis – Competitors

The competitors of Biofourmis are as follows:

• BioBeat
• Byteflies
• Validic
• Acorai
• MayaMD
• Healios

Biofourmis – Future Plan

Biofourmis is eyeing a future IPO, which is tentatively set for 2023.

FAQs

What does Biofourmis do?

Biofourmis is a biotechnology company providing advanced technology and clinical support for home care and digital therapies.

Who are the founders of Biofourmis?

Kuldeep Singh Rajput, Maulik Majmudar, and Mark Niu are the co-founders of Biofourmis.

When was Biofourmis founded?

Biofourmis was founded in the year 2015.

Who are the main competitors of Biofourmis?

The main competitors of Biofourmis are BioBeat, Byteflies, Validic, Acorai, MayaMD, and Healios.