Biofourmis, the digital therapeutics unicorn founded in Singapore, has merged with US-based at-home remote health monitoring company CopilotIQ in an all-stock deal.
The merger will offer a single-vendor platform that will deliver in-home care from pre-surgical optimisation to acute, post-acute, and chronic care, according to an announcement.
CopilotIQ, launched in 2021, offers at-home remote health monitoring for older patients. It is the creator of the first High-Frequency Connected Care platform to transform outcomes for older Americans with chronic conditions.
David Koretz, CEO of CopilotIQ and Biofourmis, the newly combined entity, said the merger combines CopilotIQ’s consumer-facing business with Biofourmis’s business serving enterprise healthcare customers.
“This merger is a major step towards realising our vision of transforming healthcare from reactive treatment to proactive prevention, and from generalised to deeply personalised, data-driven care,” Koretz said.
As part of this combination, investors from both businesses, including General Atlantic, Openspace Ventures, and Bessemer Venture Partners, co-led a new investment in the combined entity.
Biofourmis moved its headquarters from Singapore to Boston in 2019 after closing a $35-million Series B round led by Sequoia India. It had raised $100 million in a Series C round anchored by SoftBank Vision Fund 2 in 2020.
The company’s clients include Novartis, AstraZeneca, Mayo Clinic, the University of Hong Kong, Massachusetts General Hospital, and Chugai Pharmaceutical, according to its website.
It also works with hospital groups such as the Blessing Health System and UCI Health Partners to provide monitoring services to at-home and discharged patients.
DealStreetAsia reported last week that Kuldeep Singh Rajput, the founder of Biofourmis, has transferred his shares in the company to existing investors and launched a new healthtech startup.
Rajput, who stepped down from the CEO role at Biofourmis in August 2023, offloaded the 96.6 million shares he owned in the firm to 19 other shareholders in the last week, according to filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
