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Tuesday 05 November 2019

Medopad secures $25m in Bayer-led investment round

Medopad logoDigital health startup Medopad has announced a $25m (c.£19.4m) investment round led by Leaps by Bayer. The Series B funding follows its Series A round in 2018 (see May’s China trip sees Medopad seal funding), which raised $28m, and takes total funding to c.$53m. Bayer logo

The London headquartered business was established in 2011 and now employs over 100 people in the UK, APAC, and North America. It uses patient monitoring apps, mobile technology, AI and predictive analytics to help deliver more personalised and efficient care. Initially focused on medical diagnosis and treatment, Medopad has expanded to life sciences, population health, and sports and wellness. It now offers a range of services aimed at increasing the speed new digital biomarkers and digital therapeutics can be developed.

Medopad will use the funds to drive clinical studies, including digital biomarker discovery, the creation of new digital therapeutics, developing its digital health platform, geographic expansion and establishing new strategic collaborations.

The company has previously announced partnerships with Pfizer, Janssen Pharmaceuticals, Tencent, Apple and Volkswagen, as well as those with NHS Trusts - Royal Free London, Guy’s and St Thomas’, Bart’s, Chelsea and Westminster, and Royal Wolverhampton. It is also working with Imperial College Healthcare NHS Trust on the Discover-NOW Health Data Research Hub (see Health Data Research Hubs to be rolled out across the UK). Last year the company acquired US health monitoring business Sherbit (see Medopad acquires Sherbit in US expansion).

Leaps by Bayer is the innovation investment arm of Bayer Pharmaceuticals. It is aiming to solve some of the biggest challenges facing humanity and to date has invested in a number of biotech companies including $215m in Century Theraputics earlier this year.

Bayer has clearly seen the potential in UK-based expertise in healthcare and life science AI. In July it signed a collaboration agreement with Oxford-based Sensyne Health to help accelerate the discovery and development of medicines (see Sensyne Health signs milestone agreement with Bayer) and last month it launched Reading-based LifeHub UK to accelerate and optimise disease detection and data-driven drug discovery. 

Posted by: Dale Peters

Tags: funding   startup   lifesciences   AI   healthcare  

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