Press Release - 25/01/2016
Edwin Coe advises babylon on $25 million fundraising
Edwin Coe has advised babylon, the UK digital health firm founded by Ali Parsa, on a series A funding round which raised around $25 million.
The financing was led by Swedish investment group AB Kinnevik with other participants including the founders of BXR Group, a multi-billion dollar global investment group; DeepMind, the British artificial intelligence company acquired by Google and Hoxton Ventures, the fund established to bridge European companies to Silicon Valley.
The Edwin Coe team was led by Head of Corporate & Commercial Russel Shear and Senior Associate Myri Papantoniou.
Russel Shear, commented “We are delighted to have assisted this innovative company raise funds and help it to pursue its expansion plans”.
The company’s app, available on iOS and Android devices, allows users to book a phone or video consultation with a doctor or a therapist, send photo or text messages to get answers to quick questions, track their health, and store basic health information like family health history, medication history, and allergy information. Users can order tests via the app also.
Shortly after launching the app in February 2015, the company had 5,000 users. babylon now covers about 250,000 lives with 150,000 active users. While consumers are able to get the service directly, babylon also offers it via employers.
Ali Parsa said employers like the app because it’s one extra convenience they can provide for their employees. Some of babylon’s corporate clients and partners include Citigroup, Sky, LinkedIn, Mercer, Bupa and Aviva.
babylon will use the funds from this round to further develop an artificial intelligence system that helps users navigate their symptoms and monitor medication adherence. Parsa said that babylon will release the first part of this offering in the next two to three months.
About Edwin Coe
Edwin Coe LLP is a full service law firm based in the heart of London’s historic legal district in Lincoln’s Inn. Founded in 1913, we have grown from our litigation origins to become a thriving and dynamic practice, providing a comprehensive range of legal services to meet the needs of a wide variety of businesses, individuals and organisations based throughout the UK and internationally.
With 43 Partners, we are ranked 115 in the 2022 edition of The Lawyer ‘UK 200’ law firms and are recommended in all the major legal directories. We provide clients with innovative, tailored and integrated legal services and combine a highly personal and responsive service with industry leading expertise.