Medopad raises $25M to develop biomarkers tracked through apps

healthcare
https://www.pexels.com/@1222300

Medopad is a U.K. startup that uses AI methods to build and track digital biomarkers. The indicators and progression of illnesses aren’t measured by doctor’s visits, but by using apps and wearables. Today, the company has announced a new funding round to expand its development scope.

The startup has banked $25 million in funding led by the pharmaceuticals giant Bayer. Bayer will also work with the company to make digital biomarkers concerned with heart health. Moreover, Medopad is also working to build diagnostics to address the concerns related to diabetes, Alzheimer’s, and Parkinson’s disease. Alzheimer’s is quite a common disease which contributes around 100 billion dollars to the healthcare industry. 

After the current funding Series B round, the total valuation of the company will be between $200 million and $300 million. Other than Bayer, other investors have also participated, like Chicago VC Healthbox and the Hong Kong firm NWS Holdings. All three of these are previous investors. The company raised $28 million in Series A funding round in 2018.

it brings the total money raised by the company to over $50 million.

The total valuation of the company after the previous round was $110 million. Thus, there is a sudden increase in valuation. It is because the company signed $140 million worth of deals with Chinese firms, like Ping An, Tencent, Johnson & Johnson, and the Chinese divisions of GSK.

The world in which medicine mixes with the latest tech to provide better solutions had a massive dependency on the rise and fall of Theranos. The startup claimed that it had built a technology to perform test tracking biomarkers with a few blood drops. Although it’s a great concept, the company turned out to be a fraud.

Medopad tracks biomarkers, but it is using a different method to build its solutions. The company develops its solutions by working with pharmaceuticals and other tech partners. It also uses advanced hardware and software to reach its goals. The CEO of the company, Dan Vahdat, said in a statement, “We have been talking about connected healthcare for a long time, but nobody has done it yet. The approach is right, but the technology isn’t able to read things out of the hospital.”

To take an example, consider a Parkinson’s patient. A typical test requires the patient to go to the doctor’s office for an assessment, which takes about 30 minutes. However, with the advent of advanced technology, researchers are making a new category of biomarkers. They track how a person is walking to measure his biometrics. It gives complete guidance regarding the patient. Moreover, Vahdat said that researchers could obtain these biometrics based on signs, like how he walks and moves.

Medopad app technology
Source; Medopad

The startup is also collaborating with the teaching hospitals to make clinical trials. For example, the company has partnered with the Royal Hospital, Wolverhampton, to track aortic stenosis when the heart valves restrict the blood flow. Professor James Cotton from The Royal Wolverhampton, said in a statement, “This is an excellent project which is in line with our mission statement. We believe that this project will help many patients and save clinical time.”

Medopad has a good approach and works in collaboration with other companies and hospitals. Vahdat stated, “We don’t claim that we can do things which others can’t. However, we are using the foundations made many years ago to make viable solutions through our channel.” He also added that Collective Health and Babylon are two great companies that are using a similar approach.

Vahdat also made it clear that they take consent before collecting patient data. Moreover, the patient’s data doesn’t leave the country.

Vahdat mentioned that they have partnered with Tencent to build the company’s AI platform. He also said that China’s population provides an excellent platform to test the company’s product. However, Medopad’s main asset isn’t data, but the algorithms used to collect digital biomarkers.

Have a tip we should know? tips@rhd.news

Most Read

  1. News
    Pandora Papers Financial Leak Shows Us the Secrets of the World’s Rich and Powerful
    3 years ago
  2. Health
    US Supreme Court Rejects J & J TALC Cancer Case Appeal
    3 years ago
  3. Lifestyle
    9 Habits that Drain your Daily Focus and How to Avoid Them
    3 years ago
  4. BUSINESS
    Women’s Demand for Shapewear – the big Trends
    3 years ago
  5. BUSINESS
    Valentino Launches its Cosmetics Line
    3 years ago
  6. Health
    US Promises to Share 60 million Doses of AstraZeneca Vaccines
    3 years ago
  7. Health
    UK Offers Aid Amid Surging COVID-19 Cases in India
    3 years ago
  8. Sports
    Thousands of fans welcome Charlton funeral cortege at Old Trafford
    7 months ago
  9. News
    Brit left fighting for life after train derails in Argentinia
    7 months ago
  10. BUSINESS
    Dubai faces down airline rivals with $50 bln jet orders
    7 months ago
  11. Sunak
    UK’s Sunak brings back Cameron, sacks Braverman
    7 months ago
  12. Sports
    Man United’s Hojlund, Eriksen withdrawn from Denmark team duty
    7 months ago
  13. Health
    Autumn Sneezing Syndrome is on the rise… here’s what you can do
    7 months ago
  14. Canada
    Canada beat Italy to win Billie Jean King Cup for first time
    7 months ago

Follow @rushhourdaily: