One Drop Launches Global Commercial Partnership with Bayer and Announces $40M in Series B Financing
Bayer to lead $40M Series B financing and license One Drop's digital platform and leverage its A.I. capabilities globally in other therapeutic areas; Stefan Oelrich, Head of Bayer Pharmaceuticals, to join One Drop's Board of Directors
NEW YORK, Sept. 17, 2019 /PRNewswire/ -- One Drop, a leader in the development of digital therapeutic solutions for diabetes and other chronic conditions, today announced $40 million in Series B financing, led by Bayer, one of the largest pharmaceutical companies in the world. Bayer has also entered a commercial licensing agreement to use One Drop's platform in Bayer's global bio-digital efforts in therapeutic areas such as oncology, cardiovascular disease, and women's health. Stefan Oelrich, the President of Bayer Pharmaceuticals, will join One Drop's Board of Directors.
One Drop's integrated platform offers an easy and effective way for people to track and manage a variety of health conditions. With A.I.-powered behavioral recommendations, dedicated one-on-one coaching recognized by the American Diabetes Association, and thousands of app and device integrations, One Drop provides personalized health programs to drive sustainable behavior change as part of a diabetes management plan. Through the new licensing agreement, Bayer will leverage One Drop's data science and predictive capabilities, and harness its mobile platform to deliver innovative bio-digital solutions across a broad array of therapeutic areas.
"With today's global digital infrastructure, there should be nothing that prevents us from delivering quality care to everyone who needs it. One Drop is leveraging this infrastructure to provide evidence-based, hyper-personalized diabetes support to millions of people each day," said Jeff Dachis, One Drop Founder and CEO. "As a new investor and commercial partner, Bayer is validating One Drop's superior user experience, modular and extensible product offering, and ability to bring affordable, accessible healthcare to millions of people worldwide."
"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", said Stefan Oelrich, Member of the Board of Management of Bayer AG and President Pharmaceuticals. "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."
Through industry-leading integrations, One Drop has become one of the fastest growing diabetes management solutions worldwide, used by nearly 1.5 million people in 195 countries. The One Drop app supports HealthKit, CareKit, Health Records, and Siri Shortcuts on iPhone, supports Google Fit on Android, and integrates directly with Fitbit and Dexcom on both iPhone and Android devices.
One Drop's efficacy has been established in more than 20 peer-reviewed studies, which show that people with diabetes using One Drop decreased their A1c (average blood glucose levels) in as little as one month. Ninety-two percent of people using One Drop's AI-powered Predictive Insights report that they find the information helpful in their diabetes management.
About One Drop
One Drop is a digital health company harnessing the power of mobile computing and data science to transform the lives of people with diabetes worldwide. The One Drop platform brings affordable, accessible diabetes care to everyone with diabetes and a smartphone, as well as their employers, insurers and health care providers. One Drop's consumer services are available for purchase in-app (iOS and Android) and at https://onedrop.today. The One Drop app is available for free download worldwide (iOS and Android). For information on helping your organization lower the cost of care, contact firstname.lastname@example.org.
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to benefit people by supporting efforts to overcome the major challenges presented by a growing and aging global population. At the same time, the Group aims to increase its earning power and create value through innovation and growth. Bayer is committed to the principles of sustainable development, and the Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2018, the Group employed around 117,000 people and had sales of 39.6 billion euros. Capital expenditures amounted to 2.6 billion euros, R&D expenses to 5.2 billion euros. For more information, go to www.bayer.com.
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SOURCE One Drop