Ada Health, a German digital health company that developed a doctor-in-your-pocket-style app that uses artificial intelligence to diagnose symptoms, is backed by South Korea’s investment sector. Samsung And German pharmaceutical giant Bayer..
Berlin-based Ada Health announced Thursday that it has raised a $ 90 million round of funding with a private valuation, bringing its total investment in the company to approximately $ 150 million.
Bayer led the round through a leap by Bayer’s investment arm, and Samsung invested through the Samsung Catalyst Fund, a US-based venture capital fund that Samsung Electronics uses to support companies around the world. Youngson, former Chief Strategy Officer and President of Samsung Electronics, has joined the board of directors of Ada Health.
According to Ada Health, founded in 2011 by entrepreneurs Claire Novorol, Martin Hirsch and Daniel Nathrath, the app has been downloaded more than 11 million times.
“The app basically works like a WhatsApp chat with a trusted doctor, but it’s open 24 hours a day, 7 days a week,” Ada Health CEO Nathrath told CNBC.
The patient begins by entering the symptoms and the AI chatbot asks a series of questions to try to identify the problem. The app then presents the patient with the condition most likely to be the cause and offers some suggestions on what to do next to address the problem.
The iOS and Android apps provide general advice, such as watching the GP over the next three days. However, if the patient interacts with Ada Health through a healthcare system that uses the app, the patient can make an appointment directly and share the results of the pre-assessment with the actual doctor.
Entrepreneurs added that the company has contracts with several healthcare systems, health insurance companies and life sciences companies. Axa OneHealth, Novartis, Pfizer, and SutterHealth are all listed as partners on the AdaHealth website.
The app is free for patients to download, but Ada Health charges partners for access to the software.
According to the company, the new money will be used to help expand into the United States, the largest market already with 2 million users. Elsewhere, Ada Health has about 4 million users in the UK, Germany, Brazil and India, each with about 1 million.
The money will be used to improve the company’s algorithms, add to the medical knowledge base, and go beyond 10 languages, Nathrath said.
He also wants to provide the Ada Health app with more information than the patient-provided symptom data. This could include laboratory data, genetic testing, and sensor data, Nathrath said.
“Smartwatches and other sensors have made a really big leap,” said Nathrath. “Currently, you can measure blood pressure, perform ECG, measure heart rate fluctuations, and measure blood oxygen levels.”
“Our ambition is called a personal operating system for health that can integrate all relevant health information sources in a way that not only checks for symptoms, but ideally makes Ada a companion to this. It’s about building things. You can warn before a £ 100 problem becomes a £ 100,000 problem a year. “
Compared to other “doctor” apps like Babylon and Cry, Ada Health receives less money.
Unlike Babylon and Cry, Ada Health does not allow patients to make video calls with general practitioners.
Ada easily ran a service called DoctorChat that allows users to consult with registered GPs via the on-demand chat portal. However, after about a year of operation, it was deactivated in March 2018.
“I expected the number of people who would actually use it to be much higher than it really is,” Nathrath said, adding that some people prefer an automated chat experience to a video call with a GP. ..
“Telemedicine cannot be as extended as an AI solution because it requires hiring many doctors in different countries,” says Nathrath.
The investment in Ada Health will take place in just over two weeks. British startup Huma raises $ 130 million From the venture divisions of Bayer, Samsung and Hitachi.
Other investors in Ada Health’s latest round include Vitruvian Ventures, Inteligo Bank, F4 and Mutschler Ventures.
Ada Health Raises Cash from Samsung and Bayer for AI Doctor App
Source link Ada Health Raises Cash from Samsung and Bayer for AI Doctor App