Cue Health (Cue), the creator of an app-connected health monitoring device system, announced the closing of a $235 million financing round.
The latest funding round includes participation from new investors Perceptive Advisors, MSD Capital, and Koch Strategic Platforms, a subsidiary of Koch Industries, existing investors Johnson & Johnson Innovation – JJDC, Decheng Capital, CAVU Ventures, ACME Capital, and others.
Cue plans to use the new funds to accelerate its growth as it expands in digital diagnostics. Founded in 2010, San Diego-based company – Cue has raised close to $400 million to date, including a $100 million Series C financing round in June 2020.
According to Cue Health, its connected health monitoring system delivers a broad range of tests through one system. The system enables people to manage their health through real-time, actionable and connected health data. It also offers individuals and healthcare providers access to lab-quality diagnostic testing at home, at work, or at the point of care, through an app-connected device that fits in the palm of a hand.
The company’s health monitoring system is currently used for COVID-19 testing in enterprises, schools, nursing homes, hospitals, physicians’ offices, dental clinics, sports leagues, live event venues, hotels, federal and state agencies, and other settings in the US.
With new funds, Cue also plans to develop a suite of offerings to address respiratory health, sexual health, cardiac and metabolic health, women’s health, men’s health, and chronic disease management by connecting diagnostics with telemedicine.
“The ongoing COVID-19 pandemic has exposed many of the shortfalls of the status quo healthcare model,” said Ayub Khattak, co-founder, and CEO of Cue.
“It’s clear that the world needs to make a move to Healthcare 2.0, a decentralized, responsive, digital-first, and consumer-centric model that makes it easy to access important health information and act on it. We believe distributed diagnostics is the key missing piece to bridge the physical to virtual care continuum, and we’re excited to have Perceptive, MSD, Koch, and others join us on our mission to lead this transformation.”
The connected health monitoring devices raised close to $4 billion since 2010, according to Mercom digital health funding data.