Digital healthcare company, babylon, has announced an investment of circa US$60m to build what it is calling “the world’s most advanced artificial intelligence (AI) platform” in healthcare.
babylon’s technology, available from any mobile device or connected computer worldwide, aims to put an accessible and affordable health service into the hands of every person around the world.
Babylon said the 2017 investment of circa US$60m, is the most significant of its kind in Europe, and follows babylon’s investment of US$25m in 2016.
Since January 2016, babylon said it has achieved exponential company growth with over 1 million app downloads; and an increase in global registrations of nearly 600% to 800k patients,
In January 2017, the digital healthcare provider partnered with the NHS to power an NHS 111 app available to over a million north London residents, in what is the world’s largest deployment of AI in healthcare.
This year babylon said it will release “a ground breaking” evolution of its application, to offer diagnosis by AI that can help clinicians to accurately identify the disease and the most appropriate treatment.
To achieve this, babylon said it has curated the largest knowledge graphs of medical content, and made advances in various applications of deep learning techniques adapted specifically for healthcare.
Dr Ali Parsa, Founder and CEO of babylon commented: “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.”
Dr Parsa added: “This significant international investment is a great vote of confidence in Britain’s continued ability to be a global leader in developing innovative technological solutions to worldwide problems.”
Speaking to Life Insurance International (LII), babylon’s clinical director Dr Umang Patel said: “Helping people access health services and keep healthy is core to everything we do and are planning to do. This is not limited to physical health; mental health is covered as well with access to 50 minute therapy appointments.”
Patel added: “Our corporate clients bottom line is made healthier too, for example, one London bank gained 10,700 hours last year from increased productivity and lower absence.”
LII hosted a successful roundtable with babylon in December 2016, which examined opportunities for collaboration between babylon and life insurers.
Launched to the public in April 2014, babylon covers over 800k people globally, with local services operating in the UK Europe and Africa. babylon for business currently serves over 100 corporate clients.