A $30 million (€26 million) extension has helped Ada Health to close its latest series B round at $120 million (€105 million).

Among the new investors from Europe and the US are Farallon Capital, Red River West, Bertelsman Investments and Schroders Capital, the latter with an acquisition of vehicles. With the funding provided, Ada Health plans to expand into the US healthcare market.

“Today’s 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 personalized operating system for health”, stated Daniel Nathrath, CEO and Co-founder of Ada Health in the official press release (10 February).

“We’re impressed with the commercial traction that Ada has achieved in the US, especially as they’ve done it with a minimal presence here so far. As part of the support we offer, they’ll benefit from our exclusive network of entrepreneurs who have created more than $100B in cumulated value,” said Antoine Boulin from investment partner Red River West in California.

THE LARGER TREND

After continuously growing international partnerships with companies such as Bayer and Novartis and an increasing demand from North American health systems and care providers, Ada now seeks to widen its portfolio and services across continents.

Ada Health is known for its AI-based health assessment and care navigation platform that helps healthcare providers, patients and consumers assess symptoms and digitally navigate care processes. As of today, Ada has registered 11 million users worldwide.

The aim is to expand the AI offering to provide users with a 360-degree, data-driven view of their health. Another focus is on enterprise solutions for health systems, insurance and life sciences.

WHY IT MATTERS

Telemedical care provision experienced rapid growth during the pandemic and widens the access to adequate care for all.

In the US, 15 per cent of Americans used telehealth during the peak of the pandemic, according to an expert interview on Healthcare IT News.

The Ada platform is part of this trend helping users – medical professionals and patients - worldwide to actively manage health remotely with intelligent technology. Since its initial launch in 2016, 26 million assessments have been recorded.

ON THE RECORD

Nathrat 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 organizations for innovative ways to help transform health journeys and drive better outcomes for patients, clinicians and providers.”

Vahit Alili, Investment Director, Private Equity at Schroders Capital, added: “We are proud to invest in Ada Health, a company with outstanding global growth potential and real impact on how healthcare is delivered. We are at the watershed of a major shift in healthcare, as innovative digital solutions support better health outcomes and clinical excellence with intelligent technology.”