Today Babylon announced a $550 million investment to fund product innovation and to expand internationally to the US and Asia. This raise, which is the largest ever fundraise in the European or US digital health delivery sector, brought in a series of new strategic partners for the company.
PIF and ERGO Fund of global reinsurer Munich Re joined existing Babylon shareholders, Kinnevik AB and Vostok New Ventures, and together committed over $450 million (which includes an option for one party to invest an additional $50 million to be exercised at a later date), with the remainder expected to be closed shortly. The total raise of $550 million brings the value of the company to over $2 billion.
Using a combination of AI technology and medical expertise, Babylon is able to deliver digital health tools in multiple languages and localised for multiple countries. Its technology allows users to instantly learn more about their symptoms through Babylon AI symptom checker and to assess and improve their future health with an AI-powered Healthcheck. In some countries Babylon even offers 24/7 access to a health professional through virtual consultations. Currently, Babylon delivers 4,000 clinical consultations a day, with one patient interaction every 10 seconds.
Since 2017, Babylon has announced contracts with leading global partners including Prudential, Samsung, Telus, Bupa, and the UK’s NHS. The company claims its model has proven capable of successfully improving access to high-quality healthcare at a lower cost in both developed and emerging markets. But for the company founders and investors it’s just the beginning.
Ali Parsa, founder and CEO of Babylon commented: “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.“