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UK start-up Babylon Health to reportedly receive investment from Saudi wealth fund

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Saudi Arabia's sovereign wealth fund is reportedly planning to invest in U.K. start-up Babylon Health, in a deal that would put give the company 'unicorn' status.

Saudi Arabia's sovereign wealth fund is reportedly planning to invest in U.K. start-up Babylon Health, in a deal that would put give the company "unicorn" status.

The exact amount of the investment was unclear, sources told the FT, but it was thought to be in the region of $100 million to $500 million. Babylon, which was founded in 2013 by entrepreneur Ali Parsa, is an app that allows users to video call medical practitioners for remote appointments around the clock. The app also incorporates artificial intelligence that gives users a medical diagnosis after they enter their symptoms.

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