UK startup Babylon Health raises $60 million for its AI-based medical app

UK medtech startup Babylon Health has raised $60 million for its AI-based medical advice app. The investment comes from NNS holdings, Vostok New Ventures, and existing investor Kinnevik. The Financial Times reports that this round also included particiation from Sawiris, an Egyptian billionaire business family. Last year Babylon raised $25 million in Series A Funding, and this lastest round brings the company's valuation to $200 million, according to the FT.

Babylon's app has already been downloaded over one million times. The app includes a chatbot that asks the user a series of medical questions to try to diagnose the patient's illness and give feedback on the patient's symptoms. The patient can then have a video call with a real doctor for £25, or can pay £5 per month for a subscription to the service.

Babylon plans to use the funds to further develop the app and its diagnostic capabilities.

Read more: The Financial Times