Berlin-based digital healthcare provider Ada has added another $30 million in an extension to its Series B round. The funding will be used to expand its product offering as well as make further headway into the US market. Back in May of last year, as part of the initial phase of the Series B round Ada and Bayer reported that they are mulling over a future “longer-term strategic partnership,” to support Ada’s future growth.
Founded in 2011 by Claire Novorol, Daniel Nathrath, and Martin Hirsch, Ada uses an AI-based health assessment and care methodology that helps users keep on top of their health with a high degree of medical accuracy. To date, the company has provided 23 million assessments since the global launch of the app.
Getting the right diagnosis and the right treatment at the right time is, and has always been, one of the biggest challenges facing medical professionals. Add an overburdened healthcare system, and an aging population (I’m looking at you boomers) to the mix, and you’ve got the perfect storm for mis or under-diagnosis. This is precisely where Ada steps in and, literally, fits the bill.
Ada Health CEO Daniel Nathrath comments, “As a company, our goal is to improve healthcare outcomes for more than 1 billion people around the world. Covid-19 has highlighted the need for greater, faster change within healthcare and we are seeing a growing demand from health systems, insurers and life sciences organizations for innovative ways to help transform health journeys and drive better outcomes for patients, clinicians and providers.
Today’s investment will enable us to double down on our growth in the US and in other key geographies, while continuing to develop our suite of AI-powered solutions, strike new partnerships, and create a truly personalized operating system for health.”
Ada Health’s initial Series B round was led by the investment arm of pharmaceutical giant Bayer, Leaps by Bayer, with Samsung Catalyst Fund, Vitruvian Partners, Inteligo Bank, F4, and Mutschler Ventures also participating.
As for the extension, Farallon Capital, Red River West, and Bertelsmann Investments have joined the backing team. Notably, as a strong vote of confidence, this is one of traditionally education, media, and services sector-focused investor Bertelsmann Investments’ first forrays into the digital health sector.
Regarding the leap into the sector, specifically Ada Health, Bertelsmann Investments CFO Jörn Caumanns commented, “We are impressed with the quality of its best-in-class health assessment and care navigation platform and its future growth options. Digital health is a sector that we intend to expand and Ada is one of BI’s first investments in this space.”