Health startup Medopad looking to raise private capital
Medopad, backed by pharmaceuticals giant Bayer AG, is looking to raise new funds, joining a throng of fast-growing UK startups that are applying artificial intelligence to healthcare.
A London-based mobile platform for healthcare companies, insurers, doctors and patients, Medopad is working with UBS Group AG to raise as much as $30 million from private investors, according to sources. The business could be valued at a few hundred million dollars after the fund-raising, which is still in its early stages, said the sources, who asked 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 company also has a presence in countries such as Germany and in the United States, and it’s considering expanding in Scandinavia and the Middle East. The company has offices in Salt Lake City in the U.S.
Representatives for Medopad and UBS declined to comment.
The United Kingdom has spawned a number of startups that focus on using artificial intelligence to improve a range of healthcare issues, from diagnosis to drug discovery. Babylon Healthcare Services, which offers a healthcare 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. It is expected to reach a market valuation of more than $1 billion, according to a report from consulting firm KPMG. Medopad 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.