San Diego based Rapid Diagnostic startup Cue Health announced that it raised a considerable amount of USD 235 million in a private funding round which was led by MSD Capital, Perceptive Advisors and Koch Strategic Platforms. The existing investors were also part of this round, like Johnson & Johnson Innovation, CAVU Ventures, ACME Capital and Dechang Capital and others.
Last year the company raised USD 100 Million in a Series C funding round.
Cue Health is planning to increase its testing potentials and includes cardiac, metabolic health, sexual health and respiratory health. It will also focus on men’s and women’s health and chronic disease management.
About company –
This San-Diego based Cue Health is a privately based company and was founded in 2010 by Ayub Khattak. The company is from the Biotechnology sector and has a human resource of 50 to 200 employees. Its team is constantly working on how they can make the diagnostics fast and effortless in this era of the ongoing pandemic.
Its monitoring system has a molecular testing device that is designed for use as a care setting for homes, schools and different places. The testing system mainly consists of a disposable cartridge, a portable reader, and a single-use testing swab which can deliver results in 20 minutes.
The platform’s system delivers the result of the patient digitally to the mobile app of the consumer or history on the dashboard of the software. Both the interfaces have an easy connection to the health consultants and the services for a prescription.
This system is adopted by the company during this COVID-19 pandemic to test for possible infected patients. They got authorisation from FDA for the test kits, which can be done at home without any prescription.
Words from the CEO –
“The ongoing COVID-19 pandemic has exposed many of the shortfalls of the status quo healthcare model,” – Ayub Khattak, co-founder and CEO of Cue Health.
“It’s clear that the world needs to make a move to Healthcare 2.0, a decentralised, 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.” – Ayub Khattak, co-founder and CEO of Cue Health.
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