As well as providing services to the NHS, Babylon Health now has contracts with Prudential, Samsung, Telus and Bupa.
Babylon Health, a UK start-up with a mission to “democratise healthcare”, announced this morning (2 August) that it has raised $550m in Series C funding.
The company has developed a number of AI-based health services, including an online chat with a doctor, a service for checking symptoms and health, as well as a chatbot that is used by the NHS.
The start-up says that it enables 4,000 clinical consultations a day, with one patient interaction every 10 seconds. Babylon Health now has contracts with Prudential, Samsung, Telus and Bupa.
During the latest funding round, which has put Babylon Health’s valuation in excess of $2bn, there was participation from PIF (Saudi Arabia’s Public Investment Fund), an unnamed US-based health insurance company, Munich Re’s Ergo fund, and returning investors Kinnevik and Vostok New Ventures.
Prior to this round of funding, Vostok New Ventures held a 10pc stake in Babylon. The investment firm was initially set up to invest in Russia’s gas and oil industries. Meanwhile, Swedish investment firm Kinnevik holds a 20pc stake in Babylon.
The Financial Times recently reported that Saudi Arabia’s sovereign wealth fund was preparing to invest in Babylon, to diversify investments away from oil.
Dr Ali Parsa, founder and CEO of Babylon, 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.
“Our technology provides a solid base for a comprehensive solution and our scientists, engineers, and clinicians are excited to work on it.
“We have seen significant demand from partners across the US and Asia. While the burden of healthcare is global, the solutions have to be localised to meet the specific needs and culture of each country.”
Founded in 2013, Babylon Health was named after the ancient city of Babylon, where it’s believed that 2,500 years ago, citizens would gather in a public forum to discuss health problems, symptoms and potential treatments.