AI startup Babylon Health raises record-breaking $550M

Babylon Health announced on Aug. 2 the close of a $550 million funding round, which the London-based company classified as the highest fundraise for any digital health startup in the U.S. or Europe, TechCrunch reports.

The Series C funding round included participation from Saudi Arabia's Public Investment Fund and an undisclosed American health insurance giant, and increases Babylon's valuation to more than $2 billion. The investment will be used to advance the company's diagnostic offerings and expand operations to the U.S. and Asia, Ali Parsa, PhD, founder and CEO, said in a statement.

Babylon's software uses artificial intelligence to aid in the diagnosis and treatment of a wide variety of physical and mental health conditions. Its GP at Hand app, for example, provides NHS patients in the U.K. with a 24/7 telehealth chatbot and directs them toward appropriate primary care physicians if needed.

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