Babylon Health, a London, UK-based digital healthcare service company combining mobile tech and artificial intelligence with medical expertise, raised USD$550m in Series C funding.
Backers included Saudi Arabia’s Public Investment Fund, an undisclosed US-based health insurance company, Munich Re’s Ergo fund, and returning investors Kinnevik and Vostok New Ventures.
The raise corresponds to a post-money valuation of USD 2.0bn.
The company intends to use the funds to advance its suite of products pioneering AI technology and increase its global presence, particularly in the United States.
Founded in January 2013 and launched to the public in April 2014, Babylon is a digital service operating in the United Kingdom, Ireland and Rwanda, which combines mobile tech and artificial intelligence with medical expertise to make healthcare accessible and affordable for people everywhere.
The platform has the capability to provide AI-driven health services and virtual medical consultations, complemented by traditional face-to-face consultations.
The service now covers over 3 million members across Europe, North America, Asia, the Middle East and Africa, as well as video doctor consultations.