The Saudi wealth fund is planning to invest in a start-up health care company. The move will offer a unicorn status to Saudi wealth fund company. Saudi people have noted that the deal is a result of a high-level discussion with Babylon and Saudi investors. The Financial Times has first reported the news. Babylon health is a company which provides health services. Babylon’s app offers private consultations with health experts through video and text messaging. So patients can send photos or any queries to health care experts of the company. Even more, patients can discuss other issues with doctors through a video call from home place.
The investment by Saudi wealth fund expected to push Babylon health care value over 1000 million. The deal will bring around $100-500 million for the company, but it is not sure about the exact amount. Well, it is the first-ever deal where Saudi’s free fund has invested in a UK base start-up healthcare company. Babylon said the new funding would assist in diversifying in more markets including Asia and America. Besides; the healthcare company aims to boost its artificial intelligence potential on the platform, which helps more than 4 million people across the globe.
On the other hand, Babylon aims to reduce healthcare costs and broaden its access. It has also secured a deal with National Health Services, UK. Through the agreement; the company seeks to replace local doctor visits with its app along with on-video consultation. Even more, the healthcare provider has launched a chatbot that doled out a suggestion, whether to visit a doctor. It has often launched a new AI chatbot that assures to offer diagnostic advice on common ailments without manual interaction. The start-up company has not commented on this deal. A key-person from Saudi Arabia’s also declined to comment on this deal.
Franklin did work as a medical representative before joining the health sector of Janmorgan Media. While his past as a writer has helped him write wonderful articles, what really matters is the insight he has in the world of health and medicine. He’s also our unofficial diet manager for the office, and you can find him reading some motivational books most of the time.