Orrick has advised Kinnevik (STO:KINV:B) and Vostok New Ventures (STO:VNV-SDB) on digital health startup Babylon’s Series C investment round, which will raise up to $500 million. The round makes Babylon the UK’s newest unicorn with the company now valued at $2 billion. The financing is the largest ever European digital health raise, as well one of the largest fundraisings in UK venture capital history. New investors participating in this raise included Centene Corporation, MunichRe and Saudi Arabia’s Public Investment Fund.
Babylon is a digital health service provider that combines AI technology with the medical expertise of humans. The company delivers full access to healthcare, including personalised health assessments, treatment advice and face-to-face appointments with a doctor 24/7. Babylon will use the funds to further advance its suite of products and AI technology and increase its global platform, particularly in the United States.
Orrick’s London tech team previously advised both Vostok and Kinnevik in their past investments in Babylon. The Orrick team on this raise included Shawn Atkinson, Chris Perry, Jonathan Rosen, Aoife Casey, Joshua Emmett, Jamie Larkin, John Narducci and Stephen Lessard.
Over the past year, Orrick has helped several clients achieve unicorn status, including Asana, Convoy, Graphcore, HashiCorp, PagerDuty and Revolut.