[vc_row][vc_column][tm_heading tag=”div” custom_google_font=”” text=”Babylon Health announced on Aug. 2 the close of a $550 million funding round, which the London-based company classified as the highest fundraise for any digital health startup in the U.S. or Europe, TechCrunch reports.

The Series C funding round included participation from Saudi Arabia’s Public Investment Fund and an undisclosed American health insurance giant, and increases Babylon’s valuation to more than $2 billion. The investment will be used to advance the company’s diagnostic offerings and expand operations to the U.S. and Asia, Ali Parsa, PhD, founder and CEO, said in a statement.

Babylon’s software uses artificial intelligence to aid in the diagnosis and treatment of a wide variety of physical and mental health conditions. Its GP at Hand app, for example, provides NHS patients in the U.K. with a 24/7 telehealth chatbot and directs them toward appropriate primary care physicians if needed.” link=”https://www.beckershospitalreview.com/healthcare-information-technology/ai-startup-babylon-health-raises-record-breaking-550m.html”][tm_spacer size=”lg:50″][tm_button align=”center” button=”url:https%3A%2F%2Fwww.beckershospitalreview.com%2Fhealthcare-information-technology%2Fai-startup-babylon-health-raises-record-breaking-550m.html|title:Read%20Full%20Article%20at%20The%20Becker’s%20Hospital%20Review|target:%20_blank|”][/vc_column][/vc_row]