Berlin-based digital healthcare provider Ada has raised $90 million in a Series B round led by the investment arm of pharmaceutical giant Bayer, Leaps by Bayer. Samsung Catalyst Fund, Vitruvian Partners, Inteligo Bank, F4 and Mutschler Ventures also participated in the round.
The funding will be used to expand its product offering as well as make further headway into the US market. Ada and Bayer are also reporting that they are mulling over a future “longer-term strategic partnership,” to support the former’s future growth.
“Ada’s truly transformative technology, combining powerful artificial intelligence with an emphasis on medical rigor and high levels of clinical accuracy will lead the way in helping more patients and consumers in achieving better health outcomes sooner by intervening earlier in their healthcare journey,” comments Dr. Jürgen Eckhardt, Head of Leaps by Bayer.
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 ageing 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.
“Today’s investment will help bring us closer to our goal of improving healthcare outcomes for more than 1 billion people around the world. We’re proud to have investors on board who truly believe in Ada’s technology and vision of transforming the way people access healthcare,” adds CEO Daniel Nathrath. “We are thrilled to have Leaps by Bayer as the lead investor particularly as our values are very much aligned with putting science and technology as well as a commitment to medical quality and user-centricity at the heart of everything we do.”
Stay tuned on that “longer-term strategic partnership”. Maybe nothing more than that. Maybe more than that. Time will tell.