Babylon Health Secures $550 Million Series C Funding to Expand AI-Powered Chronic Disease Diagnostic Platform

On August 5, 2019, VCBeat (WeChat ID: vcbeat) learned that digital healthcare provider Babylon Health had completed a $550 million Series C financing round. The round was led by Saudi Arabia’s Public Investment Fund, with participation from Kinnevik AB, Vostok New Ventures, and Munich Re Ventures.

Following this round of financing, Babylon Health will expand its business operations to the United States and Asia, and further develop its AI-powered diagnostic platform for severe chronic diseases.

It is reported that Babylon Health completed its Series A and Series B financing rounds in 2016 and 2017, raising $2.5 million and $4.7 million, respectively.

Babylon Health, founded in 2013, is a UK-headquartered digital health startup. The company is dedicated to democratizing healthcare by leveraging artificial intelligence to make convenient and affordable medical services accessible to all. Babylon Health has partnered with Tencent, TELUS, and Samsung, and provides clinical services in the United Kingdom, Rwanda, and Canada. Reportedly, the company currently serves 4.3 million users worldwide, delivers 4,000 clinical consultations daily, and has completed over 1.2 million digital consultations.

Babylon’s AI Doctor is a telemedicine app recently launched by Babylon Health, providing users with round-the-clock medical consultation services. Users can easily seek medical advice anytime and anywhere through the app. For instance, patients can inquire about symptoms by chatting with an AI doctor, or obtain medical recommendations from licensed physicians online via video or text consultations. Additionally, the app offers services such as health tracking and medication delivery.

Dr. Ali Parsa, Founder and CEO of Babylon Health, stated: “Babylon Health’s mission is to make affordable healthcare accessible to everyone on Earth. This investment will enable us to expand our operations and reach patients more broadly around the world. We still have a long way to go and much work to do. I am deeply grateful to our investors, partners, and 1,500 outstanding colleagues, whose dedication and perseverance drive Babylon Health in fulfilling its mission. The burden of chronic diseases is growing globally, and we have already seen significant demand from the United States and Asia. Babylon Health is committed to leveraging technology to address this challenge, and our scientists, engineers, and clinicians are proud to contribute to this effort. Although the healthcare burden is global, solutions must be localized to meet the specific needs and cultural contexts of each country.”

Saudi Arabia's Public Investment Fund (PIF) is the Kingdom's sovereign wealth fund, established in 1971 and dedicated to promoting the development of the national economy.

Kinnevik AB, founded in 1936 and headquartered in Stockholm, Sweden, focuses on investing in digital consumer businesses.

Vostok New Venture, founded in 2007 and headquartered in Sweden, focuses on investing in influential companies in the internet sector.

Munich Re Ventures, headquartered in California, USA, is the venture capital arm of Munich Re.

(Compiled by Hu Yifan)