Health technology company Cue Health announced it has closed a $ 235 million round of private funding.
Existing investors Johnson & Johnson Innovation – JJDC, Decheng Capital, CAVU Ventures, ACME Capital and more contributed to the financing, as did new investors Perceptive Advisors, MSD Capital and Koch Strategic Platforms, according to a press release. Morgan Stanley was Cue’s sole financial advisor for this transaction.
San Diego-based Cue Health said it set aside the capital raised to accelerate its growth as it develops digital health technologies, starting with diagnosis. In October 2020, the company received a $ 481 million government contract for its diagnosis of COVID-19 at the point of care.
Cue develops the Cue health control system, which it designed to offer a wide range of tests using a system. Its current uses include testing for COVID-19 in companies, schools, residences, hospitals and more.
The company added that it plans to develop other offerings to cover respiratory health, sexual health, heart and metabolic health, women’s health, men’s health and chronic disease management by connecting diagnoses with telemedicine.
“The ongoing pandemic of COVID-19 has exposed many of the shortcomings of the current healthcare model,” he co-founded and CEO of Cue Ayub Khattak said in the statement.
“It is clear that the world needs to move to Healthcare 2.0, a decentralized, responsive, digital and consumer-focused model that facilitates access to and action on important health information,” Khattak said. “We believe that distributed diagnosis is the key piece missing to link the continuum of physical and virtual care, and we look forward to Perceptive, MSD, Koch and others joining us in our mission to lead this transformation.”