Biofourmis Grabs $100M Funding From SoftBank Group

Biofourmis Grabs $100M Funding From SoftBank Group

On Thursday, the Boston, US-based pharma tech start-up, Biofourmis, reported getting a (75.02 million pound) $100 million funding from SoftBank Group. The company closed a Series C deal with the group’s Vision Fund 2 operations, which specifically invests in AI and other tech-based companies.

The US-based biotech uses a biosensor (wearable) to monitor patients remotely regarding the changes in health. The company is also moving with a programme in Singapore to monitor the Coronavirus patient’s condition.

The coronavirus pandemic has surged a strain on economies’ national healthcare systems, with more companies placing a high wager on firms rising through the crisis. The Japanese investment firm’s Vision Fund 2 arm is going with the flow to invest in organisations with good potential to smoothen healthcare automatically and remotely.

Meanwhile, Vision Fund 2 has already funded around seven start-ups in June 2020 with total investment worth $2.1B, having stakes in firms like Karius and drug delivery venture, Alto Pharmacy. The company’s stakeholding portfolio is hit drastically by coronavirus despite investing in someone of the best-recognised start-ups globally.

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