On August 2, 2019, Babylon Health, a UK-based start-up that has developed several AI-based health services, announced that it has raised a record $550 million in a Series C round of financing, the largest-ever fundraise in the European or U.S. digital health delivery sector. PIF (Saudi Arabia's Public Investment Fund), a leading U.S. health insurer (name not disclosed), Munich Re's ERGO Fund, and existing Babylon shareholders Kinnevik and Vostok New Ventures contributed over $450 million, with the remainder expected to be closed soon. The new funding values Babylon at over $2 billion. Wilson Sonsini Goodrich & Rosati is representing Babylon in the transaction.

Babylon, which delivers 4,000 clinical consultations a day, has a proven model capable of improving access to high-quality healthcare at a lower cost in both developed and emerging markets. Since 2017, the company has held contracts with leading global partners including Prudential, Samsung, Telus, Bupa, and the UK's NHS. With the new financing, Babylon will be able to further deliver on its growth and innovation strategy by advancing its suite of products and pioneering AI technology into chronic care management while increasing its global footprint, particularly in the United States and Asia.

The WSGR team advising Babylon Health includes partners Megan Baier and Daniel Glazer and associates Catherine Riley Tzipori and Courtney Matteson, in collaboration with the London-based law firm Taylor Wessing, whose team was led by partner Josef Fuss.

For further details, please see Babylon's press release.