Babylon, the healthcare technology startup behind a virtual diagnosis app used by the NHS, has announced a $550 million investment, valuing the company at over $2 billion. The money will be used to fund “extensive product innovation” to cover chronic conditions as well as support international expansion into the US and Asia.
The funding came from backers including Saudi Arabia’s Public Investment Fund; one of the largest US health insurers; ERGO Fund of global reinsurer Munich Re; and existing shareholders.
Babylon works with NHS providers to provide AI-driven health services and virtual medical consultations through its chatbot app. It also offers the GP at Hand service that connects patients in some areas to doctors appointments over video calls. The company now delivers 4,000 clinical consultations each day.
Dr Ali Parsa, founder and CEO, said:
“Our mission at Babylon is to put accessible and affordable healthcare into the hands of everyone on earth. This investment will allow us to maximise the number of lives we touch across the world. We have a long way to go and a lot still to deliver. We are grateful to our investors, our partners and 1,500 brilliant Babylonians for allowing us to forge ahead with our mission.”
This $550 million investment is reportedly the largest ever fundraise in the European or US digital health delivery sector. It will allow the company to advance its suite of products and AI technology into chronic care management while expanding its global footprint.