UK-based digital health service Babylon Health has raised $25m in a Series A funding round led by Swedish investment group AB Kinnevik. The venture capital advance is a record amount for a European cloud based health start up.
Babylon will use the cash to expand beyond its current online patient base of 250,000 UK users to deliver preventative medicine and sick care across EMEA. Since its launch in February 2015, the service has expanded to Ireland and there are plans for an East African service for 2016. Businesses such as Citigroup, Sky and MasterCard offer it to their staff as an employee benefit and it’s used by health insurance providers Mercer, Bupa and Aviva. It claims it’s at an early stage of partnering with the NHS to make its services available to the broader UK population.
The platform uses machine learning to analyse genetics, environment, behaviour, biology and key body functions. It uses this information as a form of preventative medicine, encouraging users to stay healthy through timely personalised health advice. It now plans an additional service which aims to help monitor and manage course completion when medicine is prescribed and to assesses the effectiveness of the treatment. Babylon has demonstrated a working prototype of this additional app, which is due for launch in 2016.
Partners in the venture include investment company BXR Group, Google-owned artificial intelligence company DeepMind and Hoxton Ventures, the fund established to bridge European companies to Silicon Valley. According to the FT.Com Babylon is valued at £100m.
In January another UK based online health start up, PushDoctor, announced it had raised $8.2million round of Series A financing from Oxford Capital, Draper Esprit and Partech Ventures.