Data Science Investment Counter —Funding raised by UK data science companies in 2017 as of today
£ 231.660 Million

London-Based Babylon Raises £46.7M, Aims for AI Diagnoses

London-based startup Babylon Health, an AI-powered healthcare app that offers virtual medical consultations, has secured $60 million in funding from a number of undisclosed investors (Image via Babylon Health)

London-based startup Babylon Health, an AI-powered healthcare app that offers virtual medical consultations, has secured $60 million (£46.7 million) in funding from a number of undisclosed investors— although the Financial Times reported that Egyptian billionaire dynasty Sawiris partook in the round.

That brings Babylon’s overall funding to £85 million (£66 million), following a $25 million round led by  Swedish investment fund Kinnevik AB  and backed by DeepMind’s cofounders Demis Hassabis and Mustafa Suleyman in January 2016.

According to the Financial Times, the company’s value should now be close to $200 million, while TechCrunch pegs it higher at about $250 million.

The company, founded in 2013,  is planning to use the fresh injection of cash to expand its AI capabilities, making the system able to provide diagnosis by the end of the year. The resulting platform should aid doctors in understanding what ailments each patient has, and what the right treatment may be.

Babylon is decidedly upping its ante: right now, its app is only able to “triage” users, analysing their symptoms to assign each of them to a certain level of urgency and direct them to the appropriate medical services; the company had kick-started a partnership with the NHS earlier this year as an alternative to the 111 non-emergency phone helpline.

“Cutting edge artificial intelligence together with ever increasing advances in medicine means that the promise of global good health is nearer than most people realise. Babylon scientists predict that we will shortly be able to diagnose and foresee personal health issues better than doctors, but this is about machines and medics co-operating not competing,” Babylon CEO and founder Dr Ali Parsa said in a statement.

” Doctors do a lot more than diagnosis: artificial intelligence will be a tool that will allow doctors and health care professionals to become more accessible and affordable for everyone on earth. It will allow them to focus on the things that humans will be best at for a long time to come,” he added.

 

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BY SHACK15

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