Benzinga | May 27, 2021 12:36PM EDT

Artificial Intelligence Doctor App Ada Health Closes $90M Funding Led By Bayer, Samsung

* German digital health firm Ada Health has raised a $90 million funding round at an undisclosed valuation bringing total investment in the company up to around $150 million.

* The company has received backing from Bayer AG's (OTC:BAYRY) Leaps by Bayer investment arm, while Samsung Electronics (OTC:SSNGY) invested through the Samsung Catalyst Fund.

* Samsung Electronics' former chief strategy officer and corporate president, Young Sohn, has joined Ada Health's board.

* Ada Health has developed a doctor-in-your-pocket-style app that uses artificial intelligence to diagnose symptoms.

* Founded in 2011, Ada Health's app has been downloaded over 11 million times.

* "The app basically works like a WhatsApp chat with your trusted family doctor, but 24/7" Nathrath, CEO of Ada Health, told CNBC.

* The patient starts by entering their symptoms, and an AI chatbot will ask a series of questions to determine the issue.

* After that, the app will present the patient with the conditions that are most likely to be the cause and offer some suggestions.

* The iOS and Android apps give generic advice, such as seeing a general practitioner in the next three days.

* But when patients interact with Ada Health through a health system that uses the app, they can go straight into booking an appointment and sharing the outcome of their pre-assessment with a real doctor, Nathrath said.

* Many companies such as Axa OneHealth, Novartis AG (NYSE:NVS), Pfizer Inc (NYSE:PFE), and SutterHealth are all listed as partners on Ada Health's website.

* While the app is free for patients to download, Ada Health charges partners for access to its software.

* Last week, Alphabet Inc (NASDAQ:GOOG) announced a web tool that uses artificial intelligence to help people identify skin, hair, or nail conditions.