When it went public in 2021, Babylon Health was valued at over $4 billion. Now it has declared bankruptcy. Insiders say it could never live up to its hype.
Former employees say Parsa was obsessed with “”—the kind of entrepreneurial hypergrowth popularized by LinkedIn cofounder Reid Hoffman. The company went on uncontrolled hiring sprees, ex-employees say, and teams were often working on overlapping projects. Three teams were working on three different, mutually incompatible versions of the symptom checker at one point, says an ex-employee, who spoke on condition of anonymity.
The C-suite experienced lots of turnover. Senior leadership would go on retreats to Antigua, which wasn’t widely known by staff—until it was leaked on a public Slack channel. Parsa “once presented a stand-up from Antigua while pretending to be in his office,” one ex-employee says. Former staff say Parsa’s leadership style was “idiosyncratic” and “occasionally megalomaniacal.” At one point, Parsa tried to ban Microsoft PowerPoint at the company.
“The questions just became more and more ridiculous and unrelated,” Harvey says—and it still wasn’t really AI. At one point, the BBC were scheduled to visit the office to film the technology. But there was one problem: The app hadn’t been finished yet. It had only been modeled for gastroenterology; basically, stomach problems. It had no interface, so Harvey recalls a data scientist having to sleep in the office for several nights and over the weekend as they raced to build something that looked like an app. “But we all knew … that's not the product we're building,” Harvey says.
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