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Bloomberg
Medopad Ltd., backed by pharmaceuticals giant Bayer AG, is looking to raise new funds, joining the clutch of fast growing UK startups that are mixing artificial intelligence and health care.
A London-based mobile platform for health-care companies, insurers, doctors and patients, Medopad is working with UBS Group AG to raise up to $30 million from private investors, according to people familiar with the matter.
The business could be valued at a few hundred million dollars after the fundraising, which is still in its early stages, the people said, asking not to be identified because the deliberations are private.
The new funds will be used to expand Medopad’s analytics and machine learning teams, the people said. Beyond the UK, the company also has a presence in countries such as Germany and in the US and is considering expanding in Scandinavia and the Middle East, they said.
Company representatives declined to comment.
The UK has spawned a number of startups that focus on using artificial intelligence to improve a range of health-care issues, from diagnosis to drug discovery. Babylon Healthcare Services Ltd., which offers a health-care app using both AI and online consultations, raised $60 million in April. Its backers include the founders of DeepMind and Swedish investor Kinnevik AB. Medopad was founded in 2011.