Berlin-based healthtech startup Ada Health, announced that it has raised $90M (approx €73.79M) in its Series B round of funding led by Leaps by Bayer – an impact investment arm of Bayer AG. In addition, the round also saw participation from Samsung Catalyst Fund, Vitruvian Partners, Inteligo Bank, F4, and Mutschler Ventures.
With this investment, Ada Health and Bayer are in discussions about entering into a longer-term strategic partnership to support the company’s healthcare businesses.
The company had raised €40M in funding in its Series A round back in 2017.
How will the funds be utilised?
The proceeds from this round will help advance Ada’s health assessment technology, as well as accelerate towards providing personalised operating systems for health. In addition, the funds will also help the company to further grow its position in the US market.
Speaking on the development, Daniel Nathrath, CEO & co-founder of Ada Health says, “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 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.”
About Ada Health
According to the company, the timely detection of diseases is one of the biggest challenges in guiding consumers and patients for appropriate care. And with the Covid-19 pandemic, the global healthcare systems are overburdened with organisations required to meet pressures such as growing and ageing populations and emerging comorbidity requiring treatment.
This is where Ada believes its technology can be helpful. It can shorten time to diagnosis by providing medical guidance that is relevant, actionable and effective, and will increasingly leverage personalised data insights to support the prediction and prevention of diseases.
The company was founded in 2011 by doctors, scientists, and industry pioneers to create new possibilities for personal health. Its founders include Claire Novorol, Daniel Nathrath, and Martin Hirsch.
The company connects medical knowledge with technology to help all people actively manage their health by working with leading health providers and organisations. The Ada platform has over 11 million users globally and has completed over 23 million assessments since its global launch in 2016.
In November 2019, the company had also launched a Swahili language version of its assessment app to offer medical information to users and expand its services in East Africa. Currently, the company offers about seven different languages on its app.
Supporting health outcomes through technology
Ada Health claims to have developed an AI-based health assessment and care navigation platform that helps users to understand their symptoms, to identify and differentiate conditions with medical accuracy, and to navigate safely to the right care at the right time.
The company’s technology is also available in a suite of AI-driven enterprise solutions. Ada is collaborating with a range of leading health systems, insurers, life sciences companies, and global non-profit organisations to integrate its symptom assessment and care navigation solutions into a range of digital care journeys to improve outcomes for patients, consumers and healthcare providers.
Dr Jürgen Eckhardt, Head of Leaps by Bayer, says, “Investing in breakthrough technologies that drive digital change in healthcare is one of the strategic imperatives for Leaps by Bayer and for the entire field of healthcare. Ada’s truly transformative technology, combining powerful AI with an emphasis on medical rigour 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.”