614: In Pursuit of Data’s Deep Impact | Matt Borowiecki, CFO, Biofourmis

Listen to the Episode Below (00:50:00)

When asked what led him to open his latest career chapter as CFO of Biofourmis, Matt Borowiecki quickly mentions the 2018 sale of MassMutual Asia Ltd. to Yunfeng FG.

After helping to piece together a string of strategic plays for MassMutual, Borowiecki was instrumental in effecting the Yunfeng FG deal, which was a standout for the company and deemed by many to be transformational.

Having helped to spearhead the transaction, Borowiecki was subsequently asked to relocate to Hong Kong and lead international strategy and corporate development for the company. With his deal-making realm vastly expanded, Borowiecki might have been expected to rocket down MassMutual’s transformational M&A track for several more years.   

However, the move to Hong Kong challenged him in ways that he had not necessarily anticipated. Seeking to discover new strategies for MassMutual to extend its reach in the region, Borowiecki frequently found himself in meetings with local Hong Kong venture capitalists and private equity firms.

“I really started to understand the power of data science and how insuretech, fintech, and healthtech really were transforming,” explains Borowiecki, who found his career ambitions evolving and coalescing around the broader notion of making an impact on industries at large.

Knowing that his M&A experience would serve him well inside the start-up realm, he soon saw a new career chapter come into focus.

“Quite candidly, the exposure that I had to very different consumer patterns and thinking about health and wealth in different ways piqued my interest in the Biofourmis platform,” explains Borowiecki, who adds that the basic premise of Biofourmis is to enable patients to compare their own physiological signals to metadata from a vastly larger population pool in real time.

Says Borowiecki: “We call them ‘Biovitals’—they’re effectively a real-time picture designed to help clinicians to predict and prevent serious medical events. For example, heart failure is one of our focuses.”

It seems that as one career chapter closed for Borowiecki, yet another opened. –Jack Sweeney

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Guest: Matt Borowiecki

Company: Biofourmis

Contact: www.biofourmis.com

Headquarters: Boston, MA

“Creating the critical financial Infrastructure…”

CFOTL: What are your priorities as a finance leader over the next 12 months?

Borowiecki: With the exposure that I have had to raising capital in both public and private markets, I brought to Biofourmis some process discipline and experience with respect to raising capital and understanding that we were going to be raising capital sooner rather than later. I think that this is a helpful skillset.

Biofourmis is a global leader in digital therapeutics. We have incredible commercial traction. We see this in Singapore and Hong Kong and in the U.S. We have traction with pharmaceutical companies, with hospital systems, with clinicians, with patients. Knowing this—and knowing that we will be raising capital in the near term—my priorities really are to develop and implement a long-term financial plan process that will help us with our investors, that will help us to make the strategic business decisions that we as an executive team need to make.

As we think about our allocation of scarce resources, I’m also looking to enhance our existing financial controls and procedures. As we scale, we need to do more in terms of creating the right infrastructure and making sure that it is robust and in place. We also need to create a financial culture or financial discipline that will help us to be successful.

Also important is having a firm understanding of costing, thinking about our manufacturing strategy, and thinking about how we scale the business and that process discipline. This financial discipline is critically important. These are my top three priorities as I look out over the next 12 months. jb