This morning Medopad, an artificial intelligence-enabled patient data collection and analytics platform, landed $25 million in Series B funding. The last round was led by pharma giant Bayer’s venture capital branch Leaps by Bayer.
This new announcement brings the UK-based company’s total funding to $50 million, and comes roughly a year and a half after it closed its $28 million Series A round.
WHAT THEY DO
The company uses AI to collect and analyze data and then predict different medical conditions and outcomes. Clinicians can tap into an app and web platform to look at various biometric data points and access additional resources.
The system also has remote monitoring capabilities, which can track different biomarkers. Through a patient-facing app or a wearable the company allows patients to log and share their data during care.
The company, which primarily caters to hospitals, pharma companies, insurance providers and governments, has made partnerships with a number of global companies, notably many in China. Among the partnerships are Ping An Good Doctor, China Resources and Peking University.
WHAT IT’S FOR
The company plans to use the new funds to focus on its R&D projects and partnerships, and to break further into digital therapeutics development. In particular, it will be continue its work to testing digital biomarkers for analyzing conditions including aortic stenosis, Parkinson’s disease, diabetic neuropathy and depression.
This news coincides with the announcement that Medopad has inked a deal with Bayer Pharamaceuticals\ to develop new digital therapectucs and cardiovascular digital biomarkers.
This funding comes a little over a year since Medopad acquired AI startup Sherbit, a fellow analytics platform with more than 30 apps and devices engaging chronic disease patients.
Even with the acquisition, this isn’t the only predictive analytics platform on the market. KenSci, maker of a risk prediction platform for healthcare, raised $22 million in Series B funding last year.
ON THE RECORD
“Medopad has a bold mission to help people live their life to the fullest — one that requires long-term commitment and partnership to achieve. We are delighted that Leaps by Bayer who participated in our Series A round have now become the lead investor in our Series B. We have found the ideal partner with the dedication to help us reach our vision of creating a world where each person lives their life to the fullest,” Dan Vahdat, founder and CEO of Medopad, said in a statement.