LAS VEGAS—Health tech companies CopilotIQ and Biofourmis announced a strategic merger on Monday that combines tech-enabled in-home care solutions from pre-surgical optimization to acute, post-acute and chronic care.
CopilotIQ, which launched in 2021, offers at-home remote health monitoring for older patients. The company's platform combines continuous biomarker data, behavioral analytics and U..S-licensed nursing visits to better manage chronic conditions, with a particular focus on hypertension and diabetes.
Boston-based Biofourmis is a health tech company that offers care-at-home solutions and services to enable medical care both virtually and in person. The company, which launched in 2016, developed solutions for hospital-level services, virtual provider networks for remote care, in-home services as well as clinical trial support for biopharma companies.
Biofourmis offers home care tools to help remotely monitor acute and post-acute patients and a virtual specialty care platform. Its platform combines FDA-cleared AI-guided algorithms, clinical-grade wearable devices, in-home services orchestration technology and nursing services.
The merger combines CopilotIQ's consumer-facing business with Biofourmis' business serving enterprise healthcare customers, according to David Koretz, CEO of CopilotIQ and Biofourmis, the newly combined entity.
The combined company creates the industry's first AI-driven platform that delivers in-home care across the full spectrum from pre-surgical optimization to acute, post-acute, and chronic care, he noted.
The transaction was an all-stock deal, Koretz said.
Leading investors from both businesses, including General Atlantic, Openspace Ventures, and Bessemer Venture Partners co-led a new investment in the combined business.
"There an infusion of capital alongside the transaction," Koretz said. "It's still in flight. We closed the first tranche."
Koretz said total capital once fully closed will be close to $100 million.
He added, "This funding gives us the capacity to get to be fully funded, and get to a profitable public company and a scaled business."
CopilotIQ has raised $30 million in seed and series A funding rounds, both led by Bessemer Venture Partners. The company has been operating in stealth mode for the past several years, Koretz said. It launched in four states in 2021 and has expanded to 11 states. Koretz said CopilotIQ now serves "tens of thousands" of patients.
Biofourmis, a company that has raised $445 million in funding backed by SoftBank and other investors, has been building out its care delivery and life sciences solutions and expanding its health system, hospital, provider group and biopharma customers.
In February, GE HealthCare announced a collaboration with Biofourmis to extend the reach of patient monitoring tech from hospitals into patients’ homes.
In July 2023, Biofourmis laid off 120 employees worldwide, including 48 workers in the U.S. A month later, company founder Kuldeep Singh Rajput stepped down as CEO.
The merger between CopilotIQ and Biofourmis provides a "single pane of glass" solution to enable enterprise customers to have observability of patients across the care continuum via one technology integration, one security audit, simplified procurement, and a much better patient experience, according to Koretz said.
Hospitals and payors are struggling to manage multiple point solutions to deliver home-based care, executive said.
Biofourmis’ capabilities will be expanded further upstream and downstream when combined with CopilotIQ. And, CopilotIQ’s software suite will be integrated across Biofourmis’ acute and post-acute offerings, according to executives.