Babylon provides online access to healthcare for many acute, chronic, and psychological conditions, including personalized health assessments, activity tracking, treatment advice, and 24/7 virtual consultations with a healthcare provider. It leverages AI in assisting practitioners to diagnose the conditions and has developed many AI-based health services, including a chatbot for the National Health Service in the UK to diagnose illnesses. As of September 2021, Babylon had served over 24 million patients across its markets. The company launched new contracts in H2 2021 adding 135,000 members in line with its plans to manage more than 350,000 lives globally by the start of 2022. Annual membership costs GBP 149 (USD 199), but it also offers the opportunity to schedule one-off appointments. A one-off general and specialist consultation is priced at GBP 49 (USD 65) per visit.

Babylon has partnerships with Tencent (to tap into the Chinese market), and also offers services in the US, Rwanda, and multiple countries in Asia and the Middle East. Babylon sold its Canadian operations to former partner Telus Health in 2021, signing a multi-year licensing deal estimated at around USD 70 million with Telus for the use of Babylon’s technology after the sale. The company has announced two acquisitions so far in 2022 comprising Higi SH Holdings , a health-checking kiosk developer, and a patient engagement platform DayToDay Health . Higi's acquisition will allow Babylon to expand its market reach and coverage of its digital care offerings across. It also plans to offer DayToDay Health's engagement programs and clinical services to its members as they prepare for and recover from medical interventions and major health events.

Funding and financials

In terms of funding, the company raised USD 550 million in a Series C funding round led by Saudi Arabia Public Investment Fund in August 2019, valuing the company over USD 2 billion. It also secured up to USD 200 million in a sustainability-linked investment from European credit specialist AlbaCore Capital Group in October 2021. The debt capital will be a five-year unsecured note with 0.5% penny warrants capped at USD 15 per share. In addition, Babylon Health went public through a merger with Alkuri Global Acquisition Corp., a special purpose acquisition company in October 2021, trading on the NYSE under the ticker symbol “BBLN”. It received gross proceeds amounting to USD 460 million from the deal.

In Q2 2022, the company reported a 4.6% YoY increase in revenue to USD 265 million, despite widened losses of USD 156 million from USD 95 million the previous quarter. The company maintained its guidance for the full year 2022, expecting revenue of USD 1 billion or greater, indicating a 3x YoY, supported by its expansion across the US and growth in membership base. Adjusted EBITDA losses are expected to be in the range of USD 295 million and USD 270 million.