US-based healthcare diagnostic technology provider Cue Health has secured more than $45m in its series B round, from a consortium including corporate venturing units Johnson & Johnson Innovation – JJDC and Dentsu Ventures.
The units, subsidiaries of medical product group Johnson & Johnson and marketing firm Dentsu, were joined by Section 32, Synergy Ventures, Principles of Tarsadia Investments, Pritzker Group Venture Capital, Babel Ventures, Troy Capital, Sherpa Capital, Cove Investments and private investor Rohan Oza.
Cue is developing personal diagnostics products that will help users track their health more closely and detect illnesses while they are still at a relatively early stage. The system can administer simple tests and transfer results to a user’s mobile device in a matter of minutes.
The series B funding will be used to complete development of the product and launch initial clinical studies for the technology. Cue won a $30m contract from the US Department of Health and Human Services this month to develop pathogen cartridges for use with influenza.
The company raised about $1m in seed capital before Sherpa Capital led its $7.5m series A round in 2014, investing alongside existing backer Immortalana.
Dentsu Ventures provided an undisclosed amount of funding for Cue the following year, and Sherpa Capital and Cavu Venture Partners took part in a $15.5m for the company in May 2017.
Ayub Khattak, Founder and CEO of Cue Health, said: “We are excited to partner with this group of investors who have strong expertise across medical diagnostics, regulatory affairs and consumer health.
“Their strategic guidance will be invaluable as we move into this next phase of the business and continue to build our technological platform.”