One of America's largest healthcare companies is investing tens of millions of pounds in Babylon Healthcare, the British technology start-up behind a new chatbot service being used by the National Health Service
Babylon was founded in 2013 by Ali Parsa, an entrepreneur who previously ran Circle Health, which ran into financial crisis the year before.
The documents sent to Babylon's investors also disclose that they will be granted additional shares if the company does not raise at least $300m in a further fundraising within three years. The draconian terms of the fundraising highlight the intensely competitive nature of the tech sector as companies strive for a constant edge in innovation, and where barriers to entry can be comparatively low.
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