UK-based artificial-intelligence (AI) powered healthcare technology firm Medopad has raised $25m through Series B funding round to continue to develop its digital healthcare platform.
Leaps by Bayer, an investment unit of Germany-based pharmaceutical company Bayer, led the funding round, which had also seen participation from investors NWS Holdings and Healthbox.
With this funding round, Medopad has so far raised more than $50m.
The healthcare startup will leverage the proceeds from the funding round to boost its clinical studies, including digital therapeutics (DTx) and digital biomarker discovery for treatment of conditions such as Alzheimer’s disease, diabetes and heart disease.
The funds will also be used to expand its geographic footprint and commercial growth through various strategic partnerships.
Medopad founder and CEO Dan Vahdat said: “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.”
In 2018, Tencent collaborated with Medopad to develop a system to monitor Parkinson’s disease patients. The two firms now intend to set up a medical AI lab in China.
The company also collaborates with firms such as Johnson & Johnson to understand the use of data derived through wearable devices to track conditions of patients and then accordingly recommend the best treatments.
Medopad currently has more than 100 employees in the UK, APAC and North America.