UK-based HealthTech start-up Babylon Health has secured $550m in new funding, with its investors valuing the firm at over $2bn.
The Series C investment round was led by Saudi Arabia’s Public Investment Fund PIF, with contribution from insurance company Centene and German reinsurer Munich Re alongside existing investors Kinnevik and Vostok New Ventures.
Founded in 2013, the firm’s latest raise of £453m is the largest to date for a European or US digital health delivery startup.
The firm’s app offers digital-based healthcare, which includes access to a doctor via video chat 24/7, prescription deliveries, and health checks. It said it is it is offering 4,000 remote consultations each day, covering 4.3 million users.
The firm has two NHS contracts to provide its chat bot, or ‘virtual doctor’, powered by AI, which it has claimed can compete with a real doctor.
Its free service accompanies a paid private health care service.
“Our mission at Babylon is to put accessible and affordable healthcare into the hands of everyone on earth,” said Dr Ali Parsa, founder and CEO of Babylon.
“This investment will allow us to maximise the number of lives we touch across the world. We have a long way to go and a lot still to deliver.
“We are grateful to our investors, our partners and 1,500 brilliant Babylonians for allowing us to forge ahead with our mission. Chronic conditions are an increasing burden to affordability of healthcare across the globe.
“Our technology provides a solid base for a comprehensive solution and our scientists, engineers, and clinicians are excited to work on it. We have seen significant demand from partners across the US and Asia.
“While the burden of healthcare is global, the solutions have to be localised to meet the specific needs and culture of each country.”