US-based molecular testing technology developer Cue Health completed a $100m series C round yesterday backed by healthcare group Johnson & Johnson’s corporate venturing subsidiary, Johnson & Johnson Innovation – JJDC.
Decheng Capital, Foresite Capital, Madrone Capital Partners, Acme Capital and undisclosed investment firms also contributed to the round, which took the total raised by the company to more than $169m.
Founded in 2010, Cue develops medical diagnostic devices for use by consumers at home and by professionals in clinical settings. It is initially focusing on tests for influenza A and B, as well as Covid-19.
The company’s first product, the Cue Health Monitoring System (pictured), offers insights through a range of self-administered tests that deliver results to the user’s mobile device within minutes. An online dashboard connects the patient to telemedicine consultants and prescription services.
The series C funding will allow Cue to complete the development, validation and scale-up of manufacturing capabilities for the device. An enlarged manufacturing footprint is also intended to help commercialise a test for Covid-19 which is awaiting regulatory approval.
Johnson & Johnson Innovation – JJDC and Dentsu Ventures, the corporate venture capital arm of marketing firm Dentsu, contributed to a $45m series B round for the company in 2018.
The corporates invested alongside Section 32, Synergy Ventures, Principles of Tarsadia Investments, Pritzker Group Venture Capital, Babel Ventures, Troy Capital, Sherpa Capital, Cove Investments and Rohan Oza.
Cavu Venture Partners and existing investor Sherpa Capital had previously taken part in a $15.5m round for Cue the year before, after Dentsu Ventures had injected an undisclosed amount in the company in 2015. Its earlier backers include Immortalana.
Image courtesy of Cue Health.
