Digital healthcare service Babylon has raised a $25m (£17.4m) Series A funding round led by Swedish group Investment AB Kinnevik.
The London-based company also received investment from the founders of BXR Group, Deepmind — a British artificial intelligence company acquired by Google for £400m — Innocent Drinks and Hoxton Ventures, a fund set up to propel European companies to Silicon Valey in the US.
Babylon’s newly developed platform, set to be released to the public this year, will deploy artificial intelligence technology and data analytics in an attempt to democratise healthcare on a global scale.
Dr Ali Parsa, founder and CEO of Babylon, said: “In developed countries accessing healthcare is fragmented, inconvenient and expensive, but in the developing world the problems are much more severe; half of the population have little access to even the most basic health services.
“In a modern world, where almost everyone has a mobile, this is fundamentally wrong — everyone, everywhere should have access to healthcare.”
The platform analyses a series of elements, including the user’s behaviour, biology and key body functions to ensure they remain healthy, whilst providing real-time customised health advice when required.
It also monitors the user’s prescriptions, assessing whether they complete their course of treatment and analyse its effectiveness.
Speaking about his group’s investment in the company, Chris Bischoff, senior investment director at Kinnevik, said: “We believe healthcare is a sector where technology will enable the delivery of better services at more affordable prices, both in developed and developing markets.
“We have been impressed by the initial success of Babylon and look forward to building a global leader in digital healthcare over the long-term.”