Ada Health raises $47 mln | #VentureCanvas

Luisa Beltran | PE Hub – VC (US)


Ada Health said Oct. 31 that it raised 40 million euros ($47 million) in a funding round led by Access Industries. Also investing were the June Fund, Cumberland VC and William Tunstall-Pedoe, the AI entrepreneur behind Amazon Alexa. Ada Health, with offices in Berlin and London, is a health technology company.

PRESS RELEASE

London/Berlin/New York: 31st October 2017 — Ada Health, the AI-driven personal health companion and telemedicine app, announced today a €40M ($47M) funding round led by Access Industries, Len Blavatnik’s global investment group that invests in highly promising, transformative companies. June Fund, the global technology investor whose backers include Google’s Chief Business Officer Philipp Schindler, joined the round, as well as Berlin-based Cumberland VC. The AI entrepreneur behind Amazon Alexa, William Tunstall-Pedoe, also participated in this round, as did existing investors. This constitutes Ada’s first institutional round of investment.

Ada, one of the world’s fastest-growing medical apps in 2017, combines artificial intelligence (AI) with the medical insights of doctors to help people around the world understand and manage their health. Supported by over six years of research and development and a global network of medical experts, Ada’s aim is to radically improve access to healthcare globally and offer new levels of personalised care and treatment.

Ada works much like a good doctor would, asking relevant, personalised questions based on the information provided and suggesting possible causes for symptoms, empowering users to make informed decisions about their health. Since its launch in late 2016, over 1.5 million people have used Ada to help them assess their health.

“The future of healthcare lies in a much more patient-centric model where individuals have actionable insights at their fingertips, and doctors and artificial intelligence work together to support patients throughout their healthcare journey,” said Daniel Nathrath, CEO and co-founder of Ada Health. “We’ve seen incredible traction since launch, receiving countless messages each day about how we’ve helped someone identify an important health issue and get to the right next step in their care. This is just the beginning, and we’re excited to enable even more people around the world to effectively manage their health.”

The new funds will be used to strengthen Ada’s operations, service offering and for further product development. This will include opening a new office in the U.S. and expanding the team of engineers, scientists and medical advisors to support the development of the product, industry partnerships and the expansion of Ada’s telemedicine and next steps care services.

“Ada is one of the most exciting companies we’ve seen cutting across health and artificial intelligence,” said Guillaume d’Hauteville, Vice Chairman, Access Industries. “They’ve developed a unique and highly effective health management solution driven by a team with deep medical and AI expertise and years of technology development. Ada is setting a new standard for health management, and we look forward to partnering with them on this next stage of their journey.”

Increasing life expectancy and chronic disease rates coupled with limited resources put immense pressure on health systems around the world. Ada’s intelligent reasoning system helps to address this problem by making it easier for patients to get relevant and personalised advice, empowering them to make informed decisions, while giving doctors more time to focus on patient care.

Ada’s personal health companion is available globally on iOS and Android, and has ranked as the #1 medical app in over 130 countries. Ada recently launched a German language version, and is planning on expanding to additional languages soon.

About Ada
Ada Health is an innovative health technology company that believes everyone in the world should have access to quality, personalised health information and care. Developed by a team of doctors, scientists and engineers, Ada Health launched its conversational health companion app to empower people with personalised medical insights and identify appropriate next steps. Supported by a sophisticated AI engine and curated medical knowledge base, Ada also augments doctors by providing earlier health information and decision support. Ada’s personal health companion app is available on iOS and Android and has been one of the fastest growing medical apps in 2017, rated #1 in over 130 countries. You can find more information about Ada atwww.ada.com.

About Access Industries
Access Industries is a privately held, U.S.-based industrial group with global strategic investments. Founded in 1986 by Len Blavatnik, an American entrepreneur and philanthropist, Access invests to maximize long-term value by developing regional and global leaders. Its industrial focus spans four key sectors: natural resources and chemicals; media and telecommunications; real estate and hospitality; and venture capital. http://ift.tt/R5QJ31.

About June Fund
June Fund is a global technology investor that is backed by leading industrial minds. June invests in fundamental technology companies that create or radically reshape markets, from infrastructure technologies to decentralized networks.

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Source: Ada Health raises $47 mln