German digital health firm Ada Health, which has developed a doctor-in-your-pocket style app that uses artificial intelligence to try and diagnose symptoms, has been backed by investment arms of South Korea’s Samsung and German pharmaceutical giant Bayer.
Headquartered in Berlin, Ada Health announced Thursday that it has raised a $90 million funding round at an undisclosed valuation that brings total investment in the company up to around $150 million.
Bayer led the round through its Leaps by Bayer investment arm, while Samsung invested through the Samsung Catalyst Fund, which is a U.S.-based venture capital fund that Samsung Electronics uses to back companies worldwide. Samsung Electronics’ former chief strategy officer and corporate president, Young Sohn, has joined the board of Ada Health.
Founded in 2011 by entrepreneurs Claire Novorol, Martin Hirsch and Daniel Nathrath, Ada Health says that its app has been downloaded over 11 million times.
How it works
“The app basically works like a WhatsApp chat with your trusted family doctor, but 24/7” Nathrath, CEO of Ada Health, told CNBC.
The patient starts by entering their symptoms and an AI chat bot will ask a series of questions to try to determine the issue. After that, the app will present the patient