The additional funding, which follows a $90m raise in May 2021, will be used to strengthen the company’s presence in the US
Ada Health extends Series B to $120m. (Credit: PublicDomainPictures from Pixabay)
German digital health company Ada Health has raised an additional $30m in an extension round, closing the Series B financing round at $120m.
The extension round follows an initial Series B raise of $90m in May last year.
It was led by Leaps by Bayer, the impact investment arm of Bayer, alongside Vitruvian Partners, Inteligo Bank, F4 and Mutschler Ventures.
The extension was raised from investors Farallon Capital, Red River West and Bertelsmann Investments, along with Schroders Capital, which has become a major investor.
As a result of the closing of Series B funding, Schroders Capital has acquired secondary shares for more than $30m through public and private vehicles.
Ada Health chief financial officer Torsten Schero 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.”
Ada provides an advanced health assessment and care navigation platform that helps its users to understand their symptoms and enables the right care at the right time.
Its consumer app has completed more than 26 million assessments since its global launch and is earning 300,000 five-star ratings worldwide.
The company also provides enterprise solutions to a broad range of partners across health systems, insurers, and life sciences.
Ada intends to use the current funding to support the rapid growth of its enterprise offering and strengthen its presence in the US.
In addition, Ada is planning to develop a personalised operating system for health, connecting multiple external data sources, based on its advanced AI capabilities.
Ada Health 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 personalised operating system for health.”