Babylon, which offers an artificial intelligence-powered virtual care app, has largely left the U.K., where it is headquartered, in favor of the U.S. market, Wired reported Aug. 23.
In early August, the London-based digital health company exited its last hospital contract with the National Health Service eight years ahead of schedule, at the same time it is expanding into the United States, according to the story.
Babylon went public last year as part of a $4.2 billion special purpose acquisition company but has since seen its stock price decline by 90 percent and undergone layoffs.
Babylon U.K. General Manager Tim Rideout told Wired the move is not a result of an inability to make money off a public healthcare system. "It isn't an ontological thing about private versus state — it's more about relative levels of funding and the nature of individual contracts," he said.