[ad_1]
The portfolio of the investment company Vostok New Venture has hit the crown crisis. 33 of the 35 technology companies have their assessment in writing.
Therefore, two stakes go against the grain: the Egyptian mobility company SWVL and the British physician from the Babylon network.
The latter, which is the largest individual stake in Vostok New Venture, also increases by a substantial 31 percent, meaning that the total decline in the portfolio remains at just under 6 percent.
“The touches of the other companies are offset by Babylon. They have almost more demand than they can handle, ”says Per Brilioth, CEO of Vostok New Ventures.
Also read: Vostok New Ventures first quarter: Voi weights – Babylon lifts
The investment company’s stake of approximately 11 percent in Babylon is valued at just under SEK 2.6 billion.
Kinnevik has also navigated through a series of investments as a major shareholder in Babylon and today has a 16% stake.
Per Brilioth notes that, in light of the crown pandemic, Babylon may be driven by macro trends, but also by the company’s special business model with a high degree of automation in patient contact.
“Right now there is a huge demand for healthcare services, whether physical or digital,” he says.
Also read: Billions of Swedes go to Babylon, valued at 300 times sales
Babylon is the most capitalized online doctor in Europe and in October of last year had raised almost SEK 6 billion in venture capital. However, Svenska Kry had more users, with just over 1.2 million downloads, according to tech site Sifted.
Like Babylon, Kry has received a huge boost from the crown pandemic and has nearly doubled volume in Europe this year, CEO Johannes Schildt recently told Di Digital. The Swedish company now offers its platform for free to doctors in different countries and plans to continue expanding geographically.
But Babylon and Kry’s operations differ in part.
In the UK’s home country, Babylon is a consumer brand, like Kry, Doktor.se and My Doktor, and offers digital service for NHS, the British state-owned healthcare system.
Other markets, such as the United States and Asia, are behind the scenes. There, the counterpart is not the consumers, but the big insurance companies. In the United States, they cover, among other things, low-income people who participate in the Medicare and Medicaid programs.
“Low-income groups in these countries are very vulnerable to the corona virus. Babylon is in high demand and is now trying to deploy its products faster for this type of counterparty. In addition, they have created a special service to treat coronavirus symptoms. “
In this service, the pressure is now “huge,” according to the CEO of Vostok New Ventures.
“Many people are interested in signing contracts. Beyond this extreme volatility that is prevailing right now, there is also a greater movement towards digitization of health and wellness, “he says.
Also read: Interview with Babylon founder and CEO: “We make doctors five times more effective”
He emphasizes that Babylon has chosen a purely digital niche more than other online doctors, mediating video calls between doctor and patient. Babylon’s advantage is that artificial intelligence, AI, does the basic work with patients according to Per Brilioth.
“It is practical and effective that both the doctor and the patient can sit at home. But if Babylon connects the client to a doctor, the diagnosis is already made. It gives much more influence on the doctor’s time, “he says.
Per Brilioth admits that this method of patient classification, called triage, is not alone.
“But perhaps they are the first and have gone further. Our investment philosophy around Babylon is that the online doctor with the most data wins. To do this, it will make the correct diagnosis the fastest and cheapest and will obtain more patients and more data. And then you have a good circle, “he says.
Last year, Babylon’s sales increased by more than 170 percent to £ 5 million, equivalent to SEK 62 million. Profits reached £ 0.3 million, or slightly less than SEK 4 million.
Also read: The market for billions of online doctors doubles; so great is the cost to taxpayers
