Pharmaceutical and agricultural product maker Bayer led a $34.7m series C round for One Drop, the US-based operator of a disease management app for chronic health conditions, on Monday.
The other participants in the round have not been revealed but Bayer made its investment through a digital product development agreement that will include $64m in development fees and potential payments related to commercial milestones.
One Drop has built a digital health platform that combines artificial intelligence with clinical and behavioural science to help patients cope with chronic long-term conditions such as diabetes.
The Bayer deal will help the company expand into additional areas such as heart conditions, cancer and women’s health.
Jeanne Kehren, Bayer’s head of digital and commercial innovation, said: “We are convinced that a data-driven approach will empower patients to drive better outcomes for themselves and will bring back the person, not the disease, as the point of focus.
“The new collaboration with One Drop allows Bayer to further accelerate its evolution towards a digital health business and paves the way for new integrated care patient service offerings.”
Bayer also led One Drop’s last round, a $40m series B in September 2019 that brought the company’s overall funding to approximately $73m. It included $8.6m in a 2015 series A round led by RRE Ventures and backed by Box Group, Capital Factory and existing investors Neu Ventures and Launch.
