Medopad, the U.K. startup that’s seeking to battle Alzheimer’s with artificial intelligence has raised $25m in series B funding. The funding round was led by Leaps by Bayer, an investment unit of Germany-based pharmaceutical company Bayer. Others participating in the round were investors NWS Holdings and Healthbox.
“Medopad has a bold mission to help people live their life to the fullest, one that requires long-term commitment and partnership to achieve,” said Medopad founder and CEO Dan Vahdat.
“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.”
With this funding round, Medopad has so far raised more than $50m. The company said it will use the money to boost its clinical research operations, including digital therapeutics (DTx) and digital biomarker discovery for treatment of conditions such as Alzheimer’s disease, diabetes and heart disease. It also plans to expand its international operations.
Some of the investment will be directed towards AI projects with life sciences firms such as Janssen, a Belgian business owned by US behemoth Johnson & Johnson. Medopad is also working with Tencent Medical AI Lab, an arm of Chinese tech giant Tencent.
“Our joint Tencent/Medopad lab uses AI techniques to solve clinical problems such as motion disorder syndromes such as Parkinson’s disease, cancer, psoriasis and the early detection of heart failure,” said Dr. Wei Fan, Executive Director of Tencent Medical AI Labs.
Founded in 2011, Medopad partners with scientists, technologists, and healthcare and pharmaceutical professionals to use artificial intelligence to collect and analyze data and then predict different medical conditions and outcomes, reports MobiHealthNews.
Digital biomarkers is a new category in medicine. It seeks to collect data and use digital technologies to predict risk and condition progression and diagnosis through digital technologies.
The platform is designed to save clinicians time in an effort to drive better diagnosis, care, and treatment for patients with chronic illnesses.