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The fall of Babylon: failed tele-health startup once valued at nearly $2B goes bankrupt and sold for parts

TechCrunch · 1y ago

The fall of Babylon: failed tele-health startup once valued at nearly $2B goes bankrupt and sold for parts

London telehealth startup Babylon Health, once valued at nearly $2 billion, has faced insolvency, with its U.S. shares rendered virtually worthless. Its U.K. subsidiary entered administration, selling assets to eMed Healthcare UK. The deal includes Babylon Healthcare Services Limited, covering a significant portion of Babylon's telehealth practice. Babylon's GP at Hand service remains operational and unaffected. The company had faced business turmoil, losing major contracts and enduring concerns about patient safety and corporate governance. Talks of an acquisition by MindMaze and AlbaCore fell through, leading to the winding down of U.S. operations.

Related News

The Fall of Babylon Is a Warning for AI Unicorns

Wired · 1y ago

The Fall of Babylon Is a Warning for AI Unicorns

The rise and fall of Babylon Health, a health tech startup that aimed to revolutionize healthcare with AI is concerning. Babylon gained attention and significant funding for its ambitious goal of making healthcare information accessible to all. However, former employees reveal that the company's AI claims were overstated, and its products were not as advanced as touted. Issues with leadership, organizational structure, and a rush for scale contributed to Babylon's downfall. The company experienced financial losses, legal battles, and failed attempts to enter various markets before ultimately collapsing.

Aircel's second shot: Lenders push for fresh auction after rescue bid fails

Livemint

Livemint · 1m ago

Aircel's second shot: Lenders push for fresh auction after rescue bid fails

Lenders of bankrupt Aircel Ltd are seeking to restart the corporate insolvency resolution process (CIRP) after a failed rescue bid, according to a court petition. The previous attempt to rescue the telecom company, which once had 90 million customers, failed due to the absence of necessary clearance from the Reserve Bank of India for the winning bidder. Lenders are now pushing for a fresh auction as they return to the auction block.

WeWork faces bankruptcy threat as shares approach zero

Startup News FYI

Startup News FYI · 1y ago

WeWork faces bankruptcy threat as shares approach zero

In a stunning reversal of fortunes, WeWork's shares neared zero on Wednesday as the once-promising startup cautioned about the possibility of bankruptcy. The company, which had been privately valued at an impressive $47 billion, is backed by SoftBank and has struggled since its failed attempt to go public in 2019.

Apple will open the iPhone to repair with used parts

The Verge

The Verge · 1y ago

Apple will open the iPhone to repair with used parts

Apple has announced that it will make it easier for users to repair their iPhones with used parts. Currently, users are required to go through a parts pairing process, which matches the serial number of their device with that of a new part sold by Apple. If a user replaces a part with an aftermarket or used component, the iPhone displays notifications saying that the part cannot be verified by Apple. However, this fall, select iPhone models will be able to be repaired with used, genuine parts while retaining full functionality. This change will apply to displays, batteries, and cameras at launch, and future iPhone releases will also support used biometric sensors.

India’s startups will no longer prefer price perfection

Business Today

Business Today · 1y ago

India’s startups will no longer prefer price perfection

The plummeting valuations of Paytm and Byju's, once highly valued Indian startups, are expected to have a negative impact on the next round of fundraising for fledgling companies in the country. Paytm, once valued at nearly $19 billion, is now worth just $3 billion, while Byju's, previously pegged at $22 billion, recently raised funds at a valuation 99% lower. Both companies have faced issues including regulatory non-compliance and aggressive expansion, causing major investors to cut back their shareholdings. This cautionary tale is likely to make investors more cautious in supporting future Indian startups.

Perplexity AI proposes to merge with Tiktok, with US government getting half

Economic Times

Economic Times · 6m ago

Perplexity AI proposes to merge with Tiktok, with US government getting half

Perplexity AI has proposed merging with TikTok's US operations, forming a new entity called NewCo, with the US government potentially owning 50% following a future IPO valued at $300 billion. ByteDance would retain TikTok’s core recommendation algorithm. This proposal excludes a sale, instead opting for a merger, promising equity distribution to TikTok’s existing investors. The US government would gain ownership once the entity goes public. Discussions with various parties are ongoing regarding TikTok's future.

Meta used copyright to protect its AI model, but argues against the law for everyone else

Business Insider

Business Insider · 1y ago

Meta used copyright to protect its AI model, but argues against the law for everyone else

Meta, formerly known as Facebook, has taken a contradictory stance on copyright law. While arguing against its application when using online content for free to build AI models, Meta requested the removal of a leaked version of its Llama AI model from GitHub. Meta joins Big Tech companies in asserting that AI models do not exploit copyrighted works and fall under fair use. However, their attempt to remove the leaked Llama model failed, as GitHub user argued that its specifications were not copyrightable due to being copied parts and works.

Can FTX Be Revived—Without Sam Bankman-Fried?

Wired · 1y ago

Can FTX Be Revived—Without Sam Bankman-Fried?

Pat Rabbitte, a former customer of the now-bankrupt crypto exchange FTX, dismisses founder Sam Bankman-Fried's reputation, stating, "He's not that remarkable." Rabbitte is among many creditors seeking to recover funds from FTX's bankruptcy. Some creditors have formed the FTX 2.0 Coalition and are considering restarting FTX without Bankman-Fried. The exchange, once valued at $32 billion, crumbled, leading to charges of conspiracy and fraud against Bankman-Fried. The trial will likely rekindle the debate about his legacy, while creditors aim for a faster and fuller recovery.

The world’s first mass market electric car is getting a facelift

Economic Times

Economic Times · 1m ago

The world’s first mass market electric car is getting a facelift

Nissan Motor Co. is revitalizing its lineup by launching a revamped version of the Leaf, the world’s first mass-market electric vehicle, which has sold nearly 700,000 units since 2010. Amid financial challenges, CEO Ivan Espinosa is steering an aggressive restructuring, including job cuts and plant closures, to recover the company's position. The new Leaf boasts design updates and a smaller motor, targeting Europe as a primary market, with US sales starting in the fall.

Builder.ai and DailyHunt parent VerSe allegedly engaged in $60M round-tripping

YourStory

YourStory · 2m ago

Builder.ai and DailyHunt parent VerSe allegedly engaged in $60M round-tripping

Between 2021 and 2024, Builder.ai (now bankrupt) and VerSe Innovation (DailyHunt parent) allegedly engaged in $60M round-tripping — billing each other for services that often didn’t occur, to inflate revenue figures. The transactions, staggered to avoid detection, created fake revenue for fundraising. VerSe denies all allegations, claiming proper services and audits. Deloitte flagged VerSe for weak internal controls, and its FY24 filings saw a revenue restatement from ₹1,456 Cr to ₹1,029 Cr. Deloitte also highlighted severe internal lapses at Builder.ai, including unauthorized payments, missing audit trails, and crypto/AI mismanagement. Builder.ai, once valued at $1.5B, is under US investigation for misleading sales projections. VerSe’s CFO and Deloitte have since exited.

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