Babylon Health, a UK-based developer of artificial intelligence (AI) applications for the healthcare sector, announced a $550m series C round today featuring reinsurance provider Munich Re, TechCrunch reported.
Health insurance provider Centene provided $50m for the round according to Sky News, which reported that Munich Re is investing $7m through its Ergo Fund while the Saudi Arabian government’s Public Investment Fund is supplying $200m.
Investment firms Kinnevik and Vostok New Ventures also participated in the round, which valued Babylon at more than $2bn post-money. It has raised $450m and has an agreement in place to exercise another $50m at a later date with the remainder expected to close “shortly”.
Babylon has built a range of AI-based health services, including a chatbot used by the UK’s National Health Service to help diagnose minor ailments. Its partnerships also include a telehealth app created for private health insurer Bupa.
The company, which currently operates in the UK and Rwanda, will use the series C funding to expand into the US and Asia. The money will also allow it to increase its research and development efforts to diagnose more serious and chronic conditions.
Babylon had previously raised $60m in a series B round that included the Sawiris family office, according to the Financial Times. Kinnevik had led a $25m series A round for the company in 2016, with participation from Hoxton Ventures and assorted angel investors.
