Pharmaceutical and chemicals producer Bayer led a $40m series B round for One Drop, the US-based developer of a digital aid for chronic health conditions, on Tuesday.
One Drop has created an app-based diabetes management system with 1.5 million users that offers behavioural recommendations based on artificial intelligence technology in addition to one-on-one coaching, an approach it intends to transfer to additional chronic conditions.
Other participants in the round were not disclosed. Bayer made the investment in connection with a licensing agreement that will allow it to use OneDrop’s technology in women’s health, cancer and cardiovascular disease treatments.
Bayer Pharmaceuticals president Stefan Oelrich will join the board of directors at One Drop in conjunction with the round. He said: “As part of our strategy to shape the future of healthcare and build new businesses in digital health, we are investing in integrated digital solutions to improve health outcomes through data driven solutions.
“This collaboration allows us to obtain access to a world leading self-care platform for disease management beyond the boundaries of medicines with strong artificial intelligence-driven capabilities that could lead to better healthcare outcomes for people with chronic conditions.”
One Drop had previously received about $33m in equity and convertible note financing, according to press reports and regulatory filings.
RRE Ventures led an $8.6m series A round for the company in 2015 that included Box Group, Capital Factory and existing backers Launch and Neu Ventures which took its total funding at the time to $9.6m.
