Babylon has announced a $550 million investment raise to fund international expansion into the US and Asia, and extensive product innovation to cover chronic conditions.
The raise values the company at over $2 billion, with the raise bringing 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, with the remainder expected to be closed shortly.
The Babylon AI-driven health services and virtual medical consultations now delivers 4,000 clinical consultations a day, and one patient interaction every 10 seconds. Since 2017, Babylon has announced contracts with Prudential, Samsung, Telus and Bupa.
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.”
“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.”
Goldman Sachs International and Morgan Stanley & Co International Plc acted as financial advisors to Babylon.
