Babylon announces a €495 million investment, valuing the company at over €2bn, to fund extensive product innovation to cover chronic conditions and international expansion into the US and Asia.
Since the last funding round, Babylon has created a unique, end-to-end platform, which has the capability to provide AI-driven health services and virtual medical consultations, complemented by traditional face-to-face consultations. Babylon now delivers 4000 clinical consultation a day, and one patient interaction every 10 seconds. It has a proven model capable of successfully improving access to high-quality healthcare at a lower cost in both developed and emerging markets. Since 2017, Babylon announced contracts with leading global partners including Prudential, Samsung, Telus, Bupa and the UK’s NHS.
This raise, which is the largest ever fundraise in the European or US digital health delivery sector, will enable Babylon to further deliver on its growth and innovation strategy, with proceeds focused on advancing its suite of products and pioneering AI technology into chronic care management while increasing its global footprint, particularly in the United States and Asia.
Dr Ali Parsa, Founder and Chief Executive Officer of Babylon commented: “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. 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.
The raise brought in a series of new strategic partners for Babylon. PIF, one of the world’s largest sovereign funds; one of the largest US health insurers; ERGO Fund of global reinsurer Munich Re (FWB:MUV2); and existing Babylon shareholders Kinnevik AB (STO:KINV:B) and Vostok New Ventures (STO:VNV-SDB), committed over $450 million (which includes an option for one party to invest an additional $50 million to be exercised at a later date), with the remainder expected to be closed shortly. The total raise of $550 million values Babylon at over $2 billion.