Babylon Health in a $550M round backed by Saudi Arabia's Public Investment Fund

Babylon Health, a London, UK-basedprovider of digital healthcare services, announced that it raised $550m in Series C funding.

The money was raised from investors including Saudi Arabia’s Public Investment Fund, an undisclosed US-based health insurance company, Munich Re’s Ergo fund, and returning investors Kinnevik and Vostok New Ventures.

The deal values the company at a post-money valuation of $2bn.

The company intends to use the funds to advance its suite of products pioneering AI technology and increase its global presence, particularly in the United States.

Babylon Health, founded in 2013 by CEO Ali Parsa, is an AI and digital health company that provides remote consultations with doctors and health care professionals via text and video messaging through its mobile application.

The platform is available for operations in the United Kingdom, Ireland and Rwanda, and covers over 3 million members across Europe, North America, Asia, the Middle East and Africa, as well as video doctor consultations.