Digital Health company Ada Health has announced it has closed its Series B round at £88.5million ($120million) following a £22.1million ($30million) extension round.
The funding will support the Berlin-based company to accelerate rapid growth, particularly in the US where is has seen strong interest in the market, as well as help it build on its current AI capabilities.
Ada Health saw an initial Series B raise $90million in May 2021, led by Leaps by Bayer, the impact investment arm of Bayer AG. The $30million extension was raised in February 2022 from US and European-based investors including Farallon Capital, Red River West and Bertelsmann Investments.
Daniel Nathrath, CEO and co-founder of Ada Health, said: “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.”
He continued: “(This) 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 personalised operating system for health.”
Ada Health’s best-in-class health assessment and care navigation platform combines powerful AI with medical knowledge. By integrating its symptom assessment and care navigation tools into digital care journeys it can help improve outcomes for patients and healthcare providers. The platform aims to allow users to better understand their symptoms, actively manage their health and find the right care at the right time when it’s needed.
Torsten Schero, chief financial officer at Ada Health, added: “We are thrilled to have these high-profile investors joining Ada as we accelerate our rapid international growth. These later stage growth investors will play a key role as we take the next step in Ada’s ambitious growth journey, and we couldn’t be happier to have them on board to continue Ada’s success story together.”
Ada Health intends to build on its AI capabilities further by developing a personalised operating system for health which will connect multiple external data sources. This will provide users with insights they can act on and a holistic view of their personal health journey.