- Founded: 2013
- Ceased Operations: 2023
What did Babylon Health do?
Babylon Health is a digital-first health service provider that combines an artificial intelligence (AI) powered platform with virtual clinical operations for patients. Patients are connected with health care professionals through their web and mobile application. Babylon Health makes money by taking on medical risk for its members, looking for cost savings, and through licensing fees for its software.
Babylon Health has raised over $1.2 billion in funding from investors such as SoftBank Vision Fund, Alphabet’s CapitalG, and Sequoia Capital.
Who started Babylon Health?
Founder Ali Parsa
Why did Babylon Health go out of business?
The financial problems were the most significant factor in Babylon Health’s demise. The regulatory challenges also played a role in Babylon Health’s downfall. The company faced regulatory challenges in some countries, such as the US.
The accuracy concerns were another factor that contributed to Babylon Health’s problems. There were concerns about the accuracy of the company’s AI-powered platform. The company filed for bankruptcy in August 2023 and sold most of its assets to eMe.