Left to right – Claire Novorol, Daniel Nathrath, Martin Hirsch | Image credit: Ada Health
Berlin-based Ada Health, a company that helps diagnose symptoms and offer treatment advice using an AI-enabled platform, announced on Thursday that it has raised $30M (approx €26.21M) in its Series B extension round.
This comes after an initial Series B raise of $90M in May, 2021, which was led by Leaps by Bayer, the impact investment arm of Bayer AG, with further investments from Vitruvian Partners, Inteligo Bank, F4, and Mutschler Ventures.
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Ada Health has now closed its Series B round at $120M (nearly €104.8M)
Investors and capital utilisation
The extension round investment came from Farallon Capital, Red River West and Bertelsmann Investments – German media company Bertelsmann’s international venture capital arm. Ada Health also announced that Schroders Capital has become a major investor through a secondary transaction from public and private vehicles.
The company claims that it will use the funds to accelerate the growth of its enterprise offering and strengthen its presence in the US, following strong interest and traction in that market.
In North America, Ada Health has managed to collaborate with leading health systems and care providers, while continuing existing client partnerships internationally with the likes of Bayer, Novartis and Sutter Health.
A company created by doctors to improve human health
Ada Health believes that the timely detection of diseases is one of the biggest challenges in guiding consumers and patients for appropriate care. This is where the company says its technology can be helpful. It can shorten time to diagnosis by providing medical guidance that is relevant, actionable and effective, and 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.
Ada connects medical knowledge with technology to help people actively manage their health by working with leading health providers and organisations. The platform has more than 12 million users globally and has completed over 26.5 million assessments since its global launch in 2016.
In November 2019, the company had 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.
Recent developments
Ada Health claims to have developed an AI-based health assessment and care navigation platform that helps users understand their symptoms, identify and differentiate conditions with medical accuracy, and 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. It 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. Ada believes this will improve outcomes for patients, consumers and healthcare providers.
According to a statement, the healthtech startup is also planning to build on its AI capabilities by developing a personalised operating system for health, connecting multiple external data sources to provide users with actionable insights and a holistic, 360-degree view of their personal health journey.
Ada Health’s co-founder Daniel Nathrath says, “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 organisations for innovative ways to help transform health journeys and drive better outcomes for patients, clinicians and providers.”
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