Bayer-Backed Health Startup Medopad Raises Funds With UBSBy
New funds to help grow in machine learning, enter new markets
Medopad to be valued at few hundred million dollars with round
Medopad Ltd., backed by pharmaceuticals giant Bayer AG, is looking to raise new funds, joining the clutch of fast growing U.K. startups that are mixing artificial intelligence and health care.
A London-based mobile platform for health-care companies, insurers, doctors and patients, Medopad is working with UBS Group AG to raise up to $30 million from private investors, according to people familiar with the matter. The business could be valued at a few hundred million dollars after the fundraising, which is still in its early stages, the people said, asking not to be identified because the deliberations are private.
The new funds will be used to expand Medopad’s analytics and machine learning teams, the people said. Beyond the U.K., the company also has a presence in countries such as Germany and in the U.S. and is considering expanding in Scandinavia and the Middle East, they said.
Representatives for Medopad and UBS declined to comment.
The U.K. has spawned a number of startups that focus on using artificial intelligence to improve a range of health-care issues, from diagnosis to drug discovery. Babylon Healthcare Services Ltd., which offers a health-care app using both AI and online consultations, raised $60 million in April. Its backers include the founders of DeepMind and Swedish investor Kinnevik AB.
London-based drug-discovery startup BenevolentAI, valued at $1.7 billion and backed by Lansdowne Partners, is one of five private artificial intelligence companies that have reached a valuation of more than $1 billion, according to data firm CB Insights.
Medopad was founded in 2011 by Dan Vahdat and Rich Khatib, who attended the University of Oxford, and has been tipped to reach “unicorn” status -- with a value of more than $1 billion -- according to a report from consultancy firm KPMG. It counts a range of U.K. hospital trusts as clients and has announced partnerships with Bayer and Intel Corp.
Its patient-monitoring apps help boost communication between doctors and patients suffering from cancer, cardiovascular disease or diabetes. It also offers an app for health-insurance companies to help with reimbursement costs as well as attracting and retaining customers.