Biofourmis reaches unicorn status, welcomes former Medtronic CEO

Digital therapeutics and virtual care provider Biofourmis surpassed a $1 billion valuation when it closed a $300 million series D funding round April 26.

Four things to know:

  1. Biofourmis also announced that Omar Ishrak, PhD, former Medtronic CEO and chair at Intel, will become chair of the company's board of directors, according to a news release.

  2. The funding round was led by General Atlantic, with participation from CVS Health and existing investors.

  3. Biofourmis will use the funds to partner with more digital health companies and scale up its offerings, including the expansion of virtual specialty care services the company launched in February. The company will also fund clinical trials developing digital therapies to improve the drugs' efficacy, the release said.

  4. Biofourmis’ remote patient monitoring platform allows hospitals to establish "hospital-at-home" programs. The company worked with Boston-based Brigham and Women's Hospital to create the Biovitals Hospital@Home program, which was unveiled in 2020. In 2022, Quincy, Ill.-based Blessing Health System and Orange, Calif.-based UCI Health partnered with the company for hospital-at-home programs.

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