This week, virtual care company Babylon Health permanently closed its U.S. operations and laid off 94 employees. The news came after the company's rescue merger fell apart — Babylon had planned to go private through a deal with Swiss digital therapeutics firm MindMaze and Babylon creditor AlbaCore Capital.
The financing round was led by Concord Health Partners, with AlbaCore Capital Group and Hambro Perks also contributing. The latest haul follows a $125 million raise that the company announced in October.
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The startup, which has FDA-cleared products for rehabilitation after a stroke or brain injury, plans to use the funds to expand into other indications and grow its presence in North America and Europe.
With VR technology becoming more accessible, it’s no longer just used in high-end gaming. Entrepreneurs have found several uses for virtual and augmented reality in healthcare, from a training tool to helping treat patients.
As videogames have become mainstream and emerged from the dimly-lit arcade rooms of years past, gaming technology has found increasing application in medical training, pain management, rehab, and digital therapeutics.
A top gaming expert believes that gaming technologies have important applications in healthcare but the term "gamification of health" should be jettisoned.
Neurologists and health care practitioners must evolve with the world. Telemedicine carts assist in this evolution by serving as an intermediary between patients and doctors.
MindMaze has developed a platform designed to help those who are disabled neurologically, mostly stroke victims, recover by re-training their brain with the help of virtual reality, computer graphics and brain imaging.