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Biofourmis raises $35m in series B funding round to further biotech and AI ethos

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Singapore-based biotech provider Biofourmis has raised
$35 million (£28m) in a recent series B funding round led by Sequoia India and
MassMutual Ventures, along with EDBI, Jianke, and existing investors Openspace
Ventures, Aviva Ventures and SGInnovate.

The raised amount will be used by Biofourmis to
commercialise in the US and Asia and expand its team focused on data science,
clinical and regulators and sales operations.

Kuldeep Singh Rajput, founder and CEO of Biofourmis,
said: “Our core focus has always been to optimise therapies to augment patient
care and health outcomes. The past year was filled with exciting achievements
as our team made great strides in advancing our products, in addition to
strengthening our regulatory platform and signing contracts with numerous
global pharmaceutical firms.

“Our new funds will allow us to rapidly expand our
workforce and commercialisation efforts, while further demonstrating the
clinical efficacy of our digital therapeutics platform through research and
development.”

The company was recently granted a 510(k) clearance by
the FDA for its cloud-based software solution, called RhythmAnalytics, which
uses deep learning to read and interpret cardiac arrhythmias. 

The potential for such use cases are evident. As this publication previously reported, machine-learning algorithm LogitBoost is said to predict heart attacks and death from heart disease with a degree of accuracy beating human practitioners. The algorithm, which claims to have 90 per cent accuracy, was trained on data from 950 chest pain patients. Each of the patients have known outcomes after six years. Combined, this algorithm was able to identify patterns that indicated a higher chance of a heart attack or cardiac-related death.

Interested in hearing industry leaders discuss subjects like this and their use cases? Attend the co-located AI & Big Data Expo events with upcoming shows in Silicon Valley, London, and Amsterdam to learn more. Co-located with the IoT Tech ExpoBlockchain Expo, and Cyber Security & Cloud Expo.

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