Medopad acquires Silicon Valley start-up to accelerate US expansion
[London, UK] London-based Medopad, an app-based patient data collection and analysis platform, has acquired Silicon Valley health AI start-up Sherbit in an effort to expand its reach into the US.
“Sherbit and Medopad have the same vision to help people be healthier and live longer,” Alex Senemar, CEO of Sherbit, said.
“We’re excited to leverage Medopad’s technology, clinical, and predictive analytics capabilities to expand what’s possible for our customers.”
The terms of the deal were not disclosed.
Medopad’s digital health efforts range from remote patient monitoring apps to data-driven analytics. Through a patient-facing app or a wearable, for instance, the company allows patients to log and share their data during care.
Along with connecting the patients to their provider, the system also enables large-scale analysis of these data using AI and machine learning.
Although this is its first acquisition, Medopad has been cutting a number of deals as of late.
In February, it announced £22m ($28m) in a Series A funding round, as well as a series of 15 trade deals with Chinese firms collectively worth £100m (more than $140m).
Just a few months later it was announced as one of three startups selected to participate in the Pfizer Healthcare Hub: London foster program. It also has existing partnerships with Johnson & Johnson and Boston Scientific.
“At Medopad we want to create a world where people can live longer,” said Dan Vahdat, CEO and Founder of Medopad.
“We are working with some of the biggest companies in the world to improve the way doctors care for their patients by monitoring them at home and spotting any complications before they arise.”
Medopad and Sherbit’s offerings aren’t dissimilar.
Sherbit’s health analytics platform consists of more than 30 apps and devices that engage chronic disease patients, and subsequently provide their care teams with insights through algorithm-based analysis and customised dashboards.
Importantly for Medopad, though, Sherbit’s business has made key partnerships with a number of US-based organisations.
“We are expanding rapidly across the world and acquiring Sherbit is just the first step for us in the US,” Vahdat said.
“Sherbit has a strong track record of success working with some of the most prestigious healthcare organizations in the US, including the Mayo Clinic, Tufts Medical Center, and Jefferson Health.
"Through this acquisition, Medopad will provide its technology to support solutions across different disease areas from rare diseases to chronic conditions.”
As part of its push into the US market, Medopad earlier this year struck a machine learning-focused partnership with Johns Hopkins and opened two new offices in New York and San Francisco.
Originally published on MobiHealthNews, a sister publication of BJ-HC.