Investment in Ada Health

RNS Number : 5096U

Schroder UK Public Private Tst plc

03 December 2021

 

Schroder UK Public Private Trust plc

Investment in Ada Health

Schroder UK Public Private Trust plc (the "Company") is pleased to announce it has made a Euro 11.8 million investment in digital health company Ada Health. Ada Health has developed a powerful Artificial Intelligence ("AI")-based health assessment and care navigation platform that helps users to understand their symptoms, to identify and differentiate conditions with a high degree of medical accuracy, and to navigate safely to the right care, at the right time.

The Company has acquired secondary shares on the back of Ada Health's successful Series B financing led by Leaps by Bayer completed in May 2021. Additional investors participating in the round include Vitruvian Partners, Samsung Catalyst Fund, Inteligo Bank, F4 and Mutschler Ventures.

Ada Health was founded in Berlin, Germany, in 2010 by British native Dr. Claire Novorol, PhD, together with Daniel Nathrath and Dr. Martin Hirsch, PhD, combining diverse medical, scientific and commercial backgrounds. Ada Health was established with the aim to develop a reliable and safe health assessment and care navigation platform which fulfils the requirements for deployment as a clinical decision support system. Today, Ada Health can help shorten time to diagnosis by providing medical guidance that is relevant, actionable and effective, and will increasingly leverage personalized data insights to support the prediction and prevention of diseases.

Ada Health's core technology is available in a suite of AI-driven enterprise solutions. The company is collaborating with a range of leading health systems, insurers, life sciences companies, and global non-profit organizations to integrate its symptom assessment and care navigation solutions into a range of digital care journeys to improve outcomes for patients and healthcare providers. Ada Health is experiencing strong momentum in the commercialisation of its solution and has closed a number of important partnerships recently and has a strong pipeline ahead. In particular, Ada Health is in advanced discussion with a number of UK based care providers and payors and the Company believes that Ada Health can have a significant positive impact on how healthcare is delivered in the UK in the future.  

In addition, Ada Health's consumer app has become the world's most popular and highest-rated symptom assessment app, with over 11 million users since its global launch in 2016 of which more than 1 million are based in the UK.  

Ada Health's proposition and impact strongly aligns with the United Nations' Sustainable Development Goals ("SDGs"). The investment in Ada Health is in line with SDG 3 "Ensure healthy lives and promote well-being for all at all ages", Target 3.4 "By 2030 reduce by one-third pre-mature mortality from non-communicable diseases (NCDs) through prevention and treatment, and promote mental health and wellbeing", Target 3.8 "Achieve universal health coverage, including financial risk protection, access to quality essential health care services, and access to safe, effective, quality, and affordable essential medicines and vaccines for all" and Target 3.D "Strengthen the capacity of all countries, in particular developing countries, for early warning, risk reduction and management of national and global health risks".

Tim Creed and Roger Doig, Portfolio Managers of the Company, jointly commented: "We are delighted to announce the fourth new private equity investment since our appointment as Portfolio Manager. We are at the watershed of a major shift in healthcare, as innovative digital solutions support better health outcomes and clinical excellence with intelligent technology. Ada Health's technology is a rare proposition which delivers against all components of the iron triangle of health care: improving access to reliable healthcare, improving the quality of care through earlier diagnosis and better outcomes while simultaneously helping to save cost by removing inefficiencies in patient care navigation. We are excited to invest in a company with such significant global growth potential while delivering real impact on how healthcare is delivered."

Enquiries:

Schroder Investment Management Limited

Estelle Bibby (Press)	0207 658 3431
Gareth Faith (Company Secretary)	020 7658 5264

 

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