Digitization has spread like a virus. There might be a field that is not touched by IT and hasn’t adopted digital means for its working. The healthcare department also has gone a step forward by integrating technologies like Artificial Intelligence into its, and hence, becoming more advanced and reliable. The healthcare industry is also getting into making apps, such that the patients have quick access to their health solutions, in fact, to their doctors. These healthcare apps are good for tracking one’s health, making appointments and also, and connecting to specialists. Babylon Health is known for its digital-first health services based on artificial intelligence and virtual reality. The company is only a decade old and has made a big name in the industry globally.
About the Company
Ali Parsa, a British-Iranian healthcare entrepreneur founded Babylon Health in 2013. The company was founded in the UK, and hence, the headquarters has also been set up in London. Today, Babylon Healthcare has established its offices in countries like Hong Kong, India, Saudi Arabia, the US, Canada, Rwanda, Indonesia, Laos, the Philippines, Singapore, etc. Babylon was founded as a private firm, and today it is trading on New York Stock Exchange as BBLN. The company offers a subscription business model where patients can connect to healthcare specialists through both web and mobile applications by Babylon. The mobile application is for both iOS and Android mobiles. The most popular Babylon products include Babylon 360 and Babylon Cloud Services. As per 2021 records, over 2100 people are working for Babylon Health, and it made revenues worth US$322.9 million in the same financial year.
Founding Babylon Health
Ali Parsa founded Babylon Health to bring advancement into the old-fashioned way of healthcare. In fact, he claimed that the launch of Babylon Health is the end of the traditional healthcare system that is used generally. The company provides virtual consultations with doctors and health care specialists through both text and video calls. Babylon endorses its mobile and web application, which is easy to use and accessible from any internet-connected device.
Parsa founded Babylon as Babylon Health Services Ltd in 2013. Today, the company is owned by Babylon Holdings Limited. The service provided by Babylon was one of its kind and hence became popular from the very beginning. In 2014, it partnered with Care Quality Connection of England. The company held a Series A round in 2016 and raised $25 million from investors, including Hoxton Ventures and Kinnevik AB. The next year, Babylon raised $60 million, invested directly to integrate artificial intelligence into its existing platform.
In 2018, WeChat also integrated the artificial intelligence technology by Babylon. The same year, the company had another partnership with Bupa. As per the 2021 records, Babylon saw a 372% rise in its third-quarter revenues compared to the previous year. Today, the company has expanded to countries like the US, Canada, Rwanda, India, Hong Kong, etc. Babylon has a customer base of 20 million people and offers over 5000 consultations every day.
The Founder
Ali Parsa is the founder of Babylon Health. He is a British-Iranian entrepreneur of Persian ethnicity. Parsa was born on 24 January 1965 in Rasht, Imperial State of Iran. He earned a bachelor’s civil and environmental engineering from University College London (UCL). At the university, Parsa also wrote for the student newspaper named Pi. In 1995, he completed a PhD in engineering in physics. While studying, Parsa co-founded his first company named Victoria & Gilan (V&G), and won the Royal Award for the Young Entrepreneur in 1993. He also worked as an investment banker at Credit Suisse First Boston. Apart from that, Parsa has also worked at Merrill Lynch and Goldman Sachs. In 2004 Parsa founded Circle Health.
Yashica is a Software Engineer turned Content Writer, who loves to write on social causes and expertise in writing technical stuff. She loves to watch movies and explore new places. She believes that you need to live once before you die. So experimenting with her life and career choices, she is trying to live her life to the fullest.