Babylon Health secures $100 million in convertible notes.

Babylon Health, a London, UK-based health service provider, announced that it secured $100 million in funding.

The money was raised via convertible notes provided by existing investors, including VNV Global and Kinnevik.  The convertible notes are expected to convert into equity in connection with Babylon’s next equity financing.

The new funding will be invested in international expansion, increased focus on value-based care and ongoing product development.

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. Their subscription business model for private healthcare services launched in the UK in 2013 and have since expanded internationally to Canada, Rwanda, Saudi Arabia and the United States.