British health tech startup Babylon raises $550 million at $2 billion valuation

Babylon, a London, England-based health technology startup that provides accessible, affordable healthcare by combining AI with doctors, has raised $550 million in an investment round backed by Saudi Arabia’s sovereign wealth fund, with participation from German reinsurer Munich Re’s ERGO Fund and an undisclosed U.S. health insurer — which a Sky News report identified as Centene — invest. With the new funding, the startup is now valued at$2 billion, the company said following the fundraising.

Founded in 2013 by Ali, Babylon is a digital health service provider that combines AI technology with the medical expertise of humans. Babylon delivers full access to healthcare, including personalised health assessments, treatment advice and face-to-face appointments with a doctor 24/7. Babylon’s mission is to put an accessible and affordable health service in the hands of every person on earth.

With the Babylon app, you can talk to a GP within minutes via phone or video call, ask simple medical questions via their text service and monitor your health with their comprehensive tracking system. The Babylon app is everything you need to proactively manage your healthcare. The startup also has partnerships will Tencent, TELUS and Samsung. They have AI licensing deals with Prudential Asia and BUPA. They also offer end-to-end clinical services in the UK, Rwanda and Canada.

Babylon said that $450 million of capital has already been committed, and includes an option for one investor to pump another $50 million at a later date. The remainder of the round will be closed shortly, the firm added.

The start-up is known for its work with the U.K.’s National Health Service. The company built a platform for the NHS that lets patients book consultations with a doctor over video call using their smartphone. It also has contracts with Samsung, Prudential and Bupa.