Saudi Arabia have made investments in the NHS-associated Babylon Health through the country’s Public Health Investment fund along with other contributors.
A sum of $550 million comes from many contributors after Babylon Health’s fundraising to expand their business across North America, the Middle East and China. Since the fundraising began, the company’s valuation is now more than $2 billion.
Babylon is a mobile phone app that lets patients book virtual appointments and order prescriptions to make healthcare more accessible.
It was founded in January 2013 and then launched to the public in April 2014. Babylon is a digital service that operates in the UK, Ireland and Rwanda. It combines mobile technology and artificial intelligence with medical expertise. It’s aim is to make healthcare more accessible and affordable for people everywhere.
Digital healthcare is on the rise across the globe and it could be the way forward to help with the strain put on public healthcare services, especially in the UK.
Despite its praises, Babylon has been criticised by Doctors saying that the app’s chatbot that analyses patients symptoms, can miss the signs of a serious illness.
However, the chatbot that patients interact with scored a higher-than-average test score on a practice exam made for physicians.
This is the first time Saudi Arabia’s wealth fund has invested in UK technology.
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