Ada Health, a symptom assessment and care navigation app raised $90 million in Series B funding. Leaps by Bayer, the impact investment arm of Bayer, led the financing round.
Samsung Catalyst Fund, Vitruvian Partners, Inteligo Bank, F4, and Mutschler Ventures, also joined the funding round.
According to the company, the investment will help advance its health assessment app and further expand its market footprint in the U.S. “Today’s investment will help bring us closer to our goal of improving healthcare outcomes for more than 1 billion people around the world. We’re proud to have investors on board who truly believe in Ada’s technology and vision of transforming the way people access healthcare,” Daniel Nathrath, CEO and co-founder of Ada Health, comments on today’s announcement.
Ada Health has developed an AI-based health assessment and care navigation app that helps users understand their symptoms and identify and differentiate conditions, and navigate to the right care at the right time. According to the company, the app has over 11 million users worldwide and has completed over 23 million assessments since its global launch in 2016.
The company collaborates with health systems, insurers, life sciences companies, and non-profit organizations to integrate its symptom assessment and care navigation solutions into various digital care journeys to improve patient outcomes, consumers, and healthcare providers.
“Investing in breakthrough technologies that drive digital change in healthcare is one of the strategic imperatives for Leaps by Bayer and for the entire field of healthcare,” said Dr. Jürgen Eckhardt, Head of Leaps by Bayer. “Ada’s truly transformative technology, combining powerful artificial intelligence with an emphasis on medical rigor and high levels of clinical accuracy will lead the way in helping more patients and consumers in achieving better health outcomes sooner by intervening earlier in their healthcare journey.”
mHealth companies saw a strong surge in funding activity, raising a record $1.4 billion VC funding in Q1 2021. The funding increased by 94% year-over-year (YoY), compared to $728 million raised in Q1 2020, according to the recently released Mercom’s Q1 2021 Digital Health Funding and M&A Report.