Babylon announced a record investment of $550 million, bringing the company’s value to over $2 billion, to fund the development of new solutions for the treatment of chronic diseases and international expansion in the United States and Asia.
The operation was carried out by the public investment fund of Saudi Arabia, the ERGO fund of Munich Re and the current shareholders of Babylon Kinnevik AB and Vostok New Ventures. Babylon has also received investments from an unspecified U.S. health insurance company, called “one of the largest” in the country.
This is the largest fundraising operation ever to raise funds in the European or US digital health sector.
Babylon provides digital health tools based on AI and medical expertise that are available in multiple languages. In some countries Babylon offers 24/7 access to a healthcare professional through virtual consultations. Babylon users have an AI-based symptom controller at their disposal and can assess and improve their health with another tool, Healthcheck, which is also AI-based.
Babylon serves more than 4.3 million users worldwide and works with government health authorities, insurance companies and industry leaders to provide high-quality patient care. More than 1.2 million digital consultations have been carried out.
Babylon works with over 160 organizations worldwide. It works with the Bill & Melinda Gates Foundation and the Government of Rwanda to provide telephone consultations, prescriptions and health information to people in Rwanda through their mobile phones. Thanks to Babylon’s technology, two million people – 30% of the country’s adult population – can now use the phone to make appointments, consult and receive prescriptions from doctors and nurses.
In the UK, the company operates Babylon GP at Hand, a family doctor service that offers free treatment for over 54,000 people. In Canada Babylon works with TELUS Health to provide clinical services, while in Malaysia it is a partner of Prudential as part of their Pulse by Prudential app.
The goal is to expand the number of countries and patients served with their solutions.