Ada Health, a digital health and AI-powered symptom checker, recently closed a $90M Series B on April 15th, 2021, led by Leaps by Bayer. This latest round of financing brings Ada Health’s total capital raised to date to $312M.
The additional funding will be directed towards scaling up the organization’s existing operations and furthering the use of its telehealth capabilities. Let’s look at the details of this funding and what it means for Ada Health.
Kry closes $312M Series D after use of its telehealth tools grows 100%
Ada Health is a Berlin-based global health technology company developing an AI-based virtual health companion that provides personalized healthcare. With over 1 million users and 20,000 health professionals worldwide, it is one of the world’s leading mobile health solutions. Its technology is used for triage and early detection of conditions and to equip doctors with decision support tools to follow up on suspect issues.
The company recently announced that it has closed a $90M Series B fundraise round led by Leaps by Bayer, with participation from Bessemer Venture Partners, Accel, Hasso Plattner Ventures and others. This brings the total raised to $126M and marks one of the largest investments into European digital health companies this year.
With these new funds, Ada Health plans to undergo expansion into new markets worldwide and double its global team by 2021 to continue driving innovation across its platform. Through its mission-driven approach, it desires to revolutionize healthcare globally and retain its position at the forefront of AI advancements in healthcare.
Overview of Leaps by Bayer
Leaps by Bayer is a venture arm of the multinational pharmaceutical, life science and chemical corporation Bayer AG. It invests in early stage companies in the digital health sector with a focus on catalyzing innovative technologies to provide tangible benefits to society. By supporting innovative, digitally-enabled solutions that address unmet needs, Leaps by Bayer helps to effectively bridge gaps in healthcare.
The company typically invests between €3 million – €25 million and actively works alongside portfolio companies to help them scale their operations and navigate complex regulatory issues. Leaps by Bayer’s investments span medical technologies, software, data platforms and marketplaces across the healthcare continuum. The venture fund also provides access to resources such as scientific advisors and healthcare experts who further help portfolio companies fulfill their potential.
Funding
Ada Health, a Berlin-based provider of AI-driven health solutions, has raised a new $90M Series B round of funding led by Leaps by Bayer. This brings the total funding the company has received over the last several years to $312M.
The fresh infusion of capital will help Ada Health accelerate the development and distribution of its telehealth solutions, as well as further expand into markets outside Europe.
Details of the Series B funding
Ada Health has announced closing a $90 million Series B funding led by LEaps by Bayer, the corporate venture capital arm of German life sciences giant Bayer. The round was also joined by new investors international healthcare investor OrbiMed, Berlin-based Allianz X and existing investors Atlantic Labs, target Global and ITOCHU Corporation.
The $90 million investment brings Ada’s total funding to date to more than $110 million, which is one of the biggest rounds raised in the digital health space this year. The company had previously secured a $47 million round back in October 2018 and has an impressive list of investors including Peter Thiel’s Valar Ventures, Dwave Ventures and Target Global.
The fresh funds will help Ada expand its presence in Europe and launch new product features for symptom checkers and consumer facing products as well as scaling up its enterprise offering for health organizations who are leveraging its AI-driven solutions. In addition to general expansion, the funds will also be used to develop new technology that enables integration into larger ecosystem of connected devices such as wearables. As per Tobias Boenisch, CEO & Founder at Ada Health, “The investment from LEaps by Bayer is truly a reflection that our work has impressed many people.”
Impact of the Series B funding
Ada Health’s Series B investment of $90 million, led by Leaps by Bayer, is expected to provide the health technology company with resources to boost its existing infrastructure and fuel growth across the United States and other global markets.
The Berlin-based company will use this funding to drive the development of its fully automated patient triage and diagnosis platform, which uses AI and machine learning technologies. Ada Health utilizes a conversational interface that educates patients about their medical symptoms while providing personalized diagnoses tailored to their cases.
This additional injection of capital will also support product innovation and partnerships that all contribute towards increasing accessibility to quality health care in underserved communities worldwide. Furthermore, ADA plans on utilizing this funding to expand its network of developmental partners and medical institutes focused on advancing health research.
By receiving these funds, Ada Health can acquire additional resources for bettering customer experience on an international scale while simultaneously driving product development in the healthcare space. The company works with institutions such as Bayer G4A, Pfizer Inc., Merck Ventures, Takeda Ventures, Merck KGaA Darmstadt Germany’s Healthcare Innovation Fund, and Sistemic Ventures among others – all of whom will contribute towards launching innovative strategies for improving patient interaction in the long run.
Use of Funds
Ada Health, a telehealth provider, recently closed a $90M Series B led by Leaps by Bayer. The funding will be used to expand its existing platform and launch new products such as virtual care, home-based care, and advanced analytics.
It will also help ramp up the company’s current telehealth infrastructure. Now, let’s look into how these funds will be used.
Expansion of Ada Health’s telehealth services
Ada Health’s Series B financing is being dedicated to expanding the company’s network of licensed clinicians and expansion of Ada Health‘s telehealth services. This infusion of funding will also be used to further develop Ada Health’s digital heath solutions that leverage AI-enabled conversational technology to accurately diagnose, treat and manage health conditions.
Ada Health’s mission is to provide people with an accurate and accessible diagnosis, enabling them to gain access to physicians online. By continuing to improve their solutions, they want to ensure that everyone can access quality healthcare without worry. To fulfill this mission, the company employs a complex combination of advanced machine learning algorithms, extensive data sets of medical knowledge and partnerships with renowned healthcare experts. Through these efforts they hope to provide a seamless virtual experience for users that is comparable or superior in accuracy when compared to in person visits with healthcare professionals.
With the new funding from Leaps by Bayer, Ada Health plans on accelerating its efforts in user acquisition, adoption and retention in existing markets as well as expand into international markets such as Latin America where telehealth services remain largely untapped by other health tech companies operating within the region.
Expansion of Ada Health’s AI-based diagnostic platform
The AI-based diagnostic platform developed by Berlin-based Ada Health is at the forefront of healthcare innovation. The Strategic Round B of funding will help Ada Health expand to more markets, including personal health apps and establishing direct partnerships with health providers and health systems.
The money will be used for data collection, enhancing existing partnerships with physicians and hospitals, conducting medical studies for further validation, researchers hiring, product development and creating new products. Prevalence indices prediction tool Verity which can identify patients at risk of developing serious conditions months before the symptoms manifest will be further developed. The aim is to proactively provide healthcare to those in need before they become critically ill by using the platform’s artificial intelligence capabilities to break down symptoms into data points converted into actionable insights.
Funds will also go towards expanding their international presence including expansion of services in Europe, Asia, Latin America as well as entering US markets through a partnership with Mayo Clinic Solutions. Furthermore money will be allocated for technological infrastructures such as deploying deeper learning technologies like natural language processing (NLP) and computer vision (CV). Eventually Ada Health wants to move from being an expert system diagnostic to being a triaging tool to direct patients towards the most appropriate solutions faster.
Benefits of the Series B
For Ada Health, the $90M Series B led by Leaps by Bayer is more than just an investment. The Series B funding gives Ada Health a wealth of resources and opportunities to further expand their telehealth platform and provide more of its users with access to high-quality healthcare services.
This article will discuss the benefits of the Series B funding, such as increased resources, enhanced user experience, and improved customer outreach.
Increased access to healthcare
Ada’s Series B financing round was led by Leaps by Bayer, a venture capital fund from Germany-based Bayer AG. The $90M round will enable the company to increase its global reach and access even more worldwide users needing improved healthcare access.
One of the most remarkable features of modern technology today is how it has made improvement and expansion of healthcare access seamless and painless. With advancements in artificial intelligence and other digital technologies, Ada Health is leveraging technology to provide more accurate diagnosis, accessible healthcare, and improved patient outcomes. Thanks to Ada’s Series B financing round, they will have increased resources to advance these goals across even more countries worldwide.
Beyond providing access to accurate health information that can be used by both lay persons and medical professionals alike, Ada Health is also working towards integrating digital tools into existing healthcare systems to improve overall accuracy and efficiency. Furthermore, with their new investment they are now able to expand into markets where digital healthcare solutions are needed or underdeveloped. This is especially important for those who live in rural communities or countries with less robust health infrastructure – people who often lack the resources necessary for effective diagnosis or care management for chronic conditions like hypertension or diabetes.
Overall, this Series B funding will support Ada Health’s mission of leveraging cutting-edge technology such as AI for comprehensive healthcare decision support around the globe. With better accessibility afforded by this capital injection, more people can benefit from informed health decisions – resulting in healthier outcomes before it becomes too late.
Improved patient outcomes
The Series B funding of Ada Health will allow the digital health provider to further its mission of providing improved healthcare access and improved patient outcomes. With this new round of funding, Ada will be able to continue its commitment to data-driven decision-making in primary care, enabling better diagnosis and treatment guidance, more accurate remote monitoring and decision support for clinicians.
The capital investment from Leaps by Bayer provides financial resources to support the development, scale and even commercialization of these new Ada capabilities for healthcare providers across Europe and the United States.
Ada has also committed to donating user license fees raised through this Series B round to humanitarian efforts worldwide, as part of their belief that data-driven healthcare should be accessible to all people regardless of economic context or location. In addition, they are dedicated to developing specialized applications and tools designed specifically with underserved populations in mind. By improving patient outcomes in communities near and far from home, Ada hopes to not only impact populations across the globe but also ensure people receive quality healthcare no matter where they are located.
Conclusion
In conclusion, Ada Health has closed a $90M Series B led by Leaps by Bayer. This brings the total amount of capital the company has raised to date to over $312M. The funding will further invest in developing their telehealth platform, which provides a comprehensive digital patient experience.
This investment will help Ada Health to expand their services in the healthcare industry and create novel healthcare solutions.
Summary of the Series B funding
On August 26th 2020, Ada Health announced the closing of their $90M Series B funding round, led by Leaps by Bayer. The new funds will help Ada Health accelerate its expansion in the US and Europe, launch additional AI-powered diagnostics products, and explore new ways to deliver healthcare using technology.
This latest round of financing was supported by existing investors Templeton Emerging Markets Group and Target Global, as well as several strategic partners including Bayer AG, Munich Re’s ERGO Fund, ARM Innovations, Heartbeat Labs GmbH, Mubadala Ventures and Horizon Ventures.
With this injection of capital, Ada Health can focus on further refining its intelligent diagnostic technology which helps users differentiate between physical symptoms and psychological problems. By blending artificial intelligence into its user-friendly interface, ADA is helping people access better lifestyle advice to prevent future illnesses or gain early diagnosis for any existing conditions.
The Series B funding marks a significant milestone in the evolution of health tech innovation from both a technological and investment standpoint. It demonstrates that companies are investing in digital health solutions that can not only redefine healthcare access but also drive more accurate results for both patients and doctors alike.
Impact of the Series B funding
The additional capital will empower Ada Health to accelerate its expansion into new markets whilst continuing to develop and deliver high quality digital health services. Furthermore, the collaboration with a global leader in healthcare like Bayer allows Ada Health to benefit from the company’s broad experience in the areas of digital health, patient solutions and disease prevention.
The funding will allow Ada Health to build on its mission to help everyone live healthier lives. This has been accomplished through artificial intelligence-enabled symptom checking systems which learn from contact with millions of users across more than 30 countries around the globe. The highly accurate system is shown not only to diagnose common illnesses correctly but also provide personalized insights into lifestyle improvements and preventative actions that can be taken for individuals and populations at large.
In combination with its industry-leading enterprise products, the funding will further enable Ada Health to further broaden its reach and applications globally. Through these initiatives, this Series B funding has put Ada Health on a course to revolutionize digital healthcare worldwide while establishing itself as a leader in AI-assisted medicine going forward.
tags = telehealth service, health software tools, connect clinicians with patients for remote consultations, kry series cpp investmentslomastechcrunch, kry 262m series investmentslomastechcrunch, sweden kry 262m cpp investmentslomastechcrunch, raised just before the pandemic hit in Western Europe, netting a €140M Series C in January 2020
About Author
