Digital health company Ada Health has closed a US$120 million funding round as the German firm targets new opportunities in the US.
The fundraise, which includes a US$30m extension round, will enable Ada to accelerate its growth and strengthen its presence in the US, following strong interest and traction in that market, the firm said.
Ada’s health assessment and care navigation platform, which combines medical knowledge and AI, helps users understand their symptoms and navigate safely to the right care at the right time.
Its consumer app has become the world’s most popular symptom assessment app, completing over 26 million assessments since its global launch.
Ada also provides enterprise solutions to a range of partners across health systems, insurers, and life sciences. By integrating its symptom assessment and care navigation tools into digital care journeys, Ada aims to improve patient outcomes.
In the US, Ada has forged collaborations with major health systems and care providers, in addition to international client partnerships with Bayer, Novartis, and Sutter Health amongst others.
CEO and co-founder Daniel Nathrath 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.
“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.”
Participants in the Series B extension include US-based investor Farallon Capital, cross-border investor Red River West, and Bertelsmann Investments, German media company Bertelsmann’s international venture capital arm.
Torsten Schero, CFO at Ada, said: “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.”
“As part of the support we offer, they’ll benefit from our exclusive network of entrepreneurs who have created more than US$100B in cumulated value. There is no doubt that with this type of support and the best product in its category Ada will continue its spectacular growth in the US and globally.”
