Introduction
Addi, an AI-powered healthcare platform for patient management, today announced it has raised $140 million in Series B Extension funding. The round was led by Oak HC/FT with participation from Taylor Frigon Capital Partners and existing investors including Data Collective Venture Capital.
This brings Addi’s total Series B funding to $300 million. Addi plans to use the funds to continue building out its technology platform and accelerating product development, introducing new features, and expanding into more markets across North America and Europe.
The company’s core product is a healthcare platform that enables clinicians to deliver personalized care based on patient-specific data, while simultaneously addressing compliance regulations on privacy and security. Addi focuses on using advanced analytics techniques like natural language processing (NLP) and machine learning (ML) to help doctors manage their schedule more efficiently by providing valuable insights into patient symptoms or medical conditions in real-time clinical settings.
What is Addi?
Addi is an AI-driven consumer goods marketplace that rethinks the way we shop. Founded in 2018, Addi uses graph-based machine learning to provide customers with personalized product recommendations and a transparent, data-driven shopping experience.
The company brings together millions of products from thousands of brands with a single mission – to help people find the best products they’ll love at the best prices – quickly, easily and conveniently.
The company has raised over $240 million in total venture capital, including a $140 million Series B extension round announced earlier this year which brought its valuation close to $1.5 billion. With its new funding, Addi will use the capital to accelerate product development and expand its offering beyond consumer electronics into new categories such as home décor, furniture and more. By leveraging cutting-edge AI technology, Addi hopes become one of the world’s leading product discovery platforms.
Background on the Series B Extension Funding
Addi, a software engineering and product development firm, recently announced the completion of their Series B Extension Funding. This funding round saw the company raise $140 million from existing shareholders to accelerate their product development.
Addi’s CEO and founder stated that the proceeds will be used to hire more engineers and scale the company’s core product and engineering teams. This funding will also enable the firm to accelerate the development of new products and services, while continuing to deliver exceptional customer experiences.
Investors
Addi has raised a total of $240 million in funding since July 2018. As part of the recent Series B Extension round, Amplify Partners and Costanoa Ventures led the round with participation from existing investors Goldman Sachs Growth, August Capital, and Lightspeed Venture Partners. This new funding puts Addi in a strong position to accelerate product development and engage in strategic partnerships that will further strengthen its product offering.
Addi builds AI solutions for enterprises focused on natural language understanding (NLU). The company offers a comprehensive application suite to expedite enterprises’ AI journey while responding to their unique needs — engaging customers, improving productivity, understanding data insights and more. With this Series B extension financing, Addi has added industry-leading venture capital firms who bring significant experience in investing in companies focused on the enterprise AI solutions space. In addition to providing capital to spur growth, they bring deep knowledge and experience that will help Addi capitalize on its full potential.
Addi Raises $140M in Series B Extension Funding
Addi, Inc. announced that it has raised $140 million in series B extension funding. The round was led by Stripe and included investments from Sequoia, CE Ventures, and General Catalyst, as well as founding and existing investors such as Index, Dawn Capital, Latitude Ventures and Eli Global.
This latest round of financing brings Addi’s total funding to more than $200 million since its launch in 2016. The company plans to use the funds for product development and further global expansion. Addi began as a platform for sports fanatics to share information on teams via an app before growing into a tool used by coaches and athletes alike to build better athletic teams through their data-driven coaching software.
The company is best known for its automated coaching software which is used by more than two million sports clubs and athletes around the world. The software’s AI-driven platform provides insights such as game or practice plans, drills tailored to each athlete’s strengths, in-depth analysis of team performance with player comparisons and rich insights that offer support during game preparation period.
How Addi Will Use the New Funding
Addi recently received a Series B extension funding of $140M to accelerate its product development. This funding will enable Addi to further develop its technology and services while helping the company to stay ahead in the competitive market.
In this article, we will discuss in detail how Addi will use this newly acquired funding.
Accelerate Product Development
Addi will use the new funding to accelerate product development, especially in areas such as AI, machine learning-driven analytics, natural language processing capabilities, and collaboration tools. This will enable Addi to build innovative solutions for customers at scale and provide them with an even superior user experience.
As part of this effort, Addi plans to hire additional engineering talent and continue investing in research and innovation initiatives. It is also exploring partnering with third parties to broaden its offering portfolio. Additionally, the company plans to expand its global presence by setting up offices in new markets across Asia Pacific, Europe, and South America while further developing its current facilities in the US.
The new funding will help Addi continue delivering high-quality products that meet customers unique needs. With this renewed focus on product development, Addi is now well-positioned to drive further growth of its customer base and revolutionize how businesses work with the power of AI-driven collaboration tools.
Increase R&D
Addi plans to use its Series B extension funding to increase research and development efforts and accelerate product launch timelines. With the new round of capital, the company intends to make strategic investments in its current product portfolio, as well as expand into new market segments.
The company has significant experience launching medical devices within regulated markets and will look to leverage the expanded resources to speed up research and innovation. Addi’s R&D team will explore opportunities in differentiating its range of products, including useful features or technologies not currently available on the market.
The new funds will also be used to accelerate product launches of existing but yet unavailable products, support global expansion into emerging markets, as well as facilitate increased development efforts around new technologies such as AI-enabled software and drug delivery systems. This focus on research and innovation will bolster Addi’s reputation as an innovator in the healthcare device space.
Increase Hiring
Addi plans to use the new funding to significantly increase its hiring of engineers, designers and other professionals necessary for product development. It’s common for companies who have just received a high-stakes round to jumpstart hiring and add more personnel in order to fuel the next phase of growth.
Addi will likely move quickly to search out top talent in the product and engineering space, as well as look for additional advisors and board members who can help guide the company’s success moving forward. Adding a diverse team of experienced personnel can lend valuable expertise, experiences and perspectives that are essential when launching new products or services in competitive markets.
Conclusion
The conclusion of Addi’s $140M Series B Extension Funding round serves as an affirmation from leading investors in the healthcare, retail and technology sectors of the value that Addi brings to customers and businesses. This additional capital will help the company expand its product offering more quickly, reach more partners and customers for improved health outcomes, and further its mission of transforming healthcare.
Addi is well-positioned to achieve widespread positive impact in the near future.
