This archive report was first published on 4 August 2019.
On August 4, 2019, Babylon, a UK-based digital healthcare startup, secured a significant $550 million investment to further its mission of making accessible and affordable healthcare available to everyone worldwide.
The funding round was led by Saudi Arabia's Public Investment Fund (PIF), with participation from Munich Re's ERGO Fund, and existing shareholders Kinnevik AB and Vostok New Ventures.
According to Dr. Ali Parsa, Founder and Chief Executive Officer of Babylon, '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.'
Since its last funding round, Babylon has developed a unique end-to-end platform that provides AI-driven health services and virtual medical consultations, complemented by traditional face-to-face consultations.
The platform has seen significant growth, with Babylon now delivering 4,000 clinical consultations daily and one patient interaction every 10 seconds. It has a proven model capable of improving access to high-quality healthcare at a lower cost in both developed and emerging markets.
Babylon plans to further advance its suite of products and AI technology into chronic care management and expand into the United States and Asia. The company offers 24-hour-a-day, 7-day-a-week access to a health professional through virtual consultations and serves over 4.3 million members worldwide.
Notably, Babylon has partnered with government health authorities, leading insurers, and businesses to provide top-quality care for patients. In Rwanda, Babyl works with the Bill & Melinda Gates Foundation and the Rwandan Government to provide telephone consultations, prescriptions, and health information for people in Rwanda via their feature phones.
The company has also seen significant demand from partners across the US and Asia, with Vostok New Ventures investing $71 million in this round and expected to own 10.6% of Babylon. Kinnevik participated with $50 million in Babylon's funding round and is expected to own 16.2% of the company.
