UltraGreen.ai has secured US$188 million ($240.91 million) from a group of investors led by Temasek-linked 65 Equity Partners and also Vitruvian Partners and August Global Partners, valuing the medical company at US$1.3 billion.
UltraGreen, which describes itself as a global leader in fluorescence-guided surgical technologies and precision healthcare solutions, says the funding will help support its next growth phase.
In an interview with The Edge Singapore in December 2024, founder and CEO Ravi Sajwan did not rule out the possibility of going public.
Subsequent reports indicated that the company is seeking to raise up to $400 million.
"This investment marks their confidence in our mission to democratise precision surgery worldwide and enables us to leverage their deep strategic expertise in scaling healthcare technologies across global markets," says Sajwan in a statement on Sept 15.
"Their backing validates our vision of making data-driven surgical intelligence the standard of care in operating rooms worldwide. We believe the investment also aligns seamlessly with our strategic expansion and diversification, particularly in Asia," he adds.
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Francis Woo, chief corporate officer and managing director at 65 Equity Partners, says this investment aligns strategically with its mandate of supporting high-quality, high-growth businesses.
"UltraGreen is the global leader in precision surgical solutions, and Singapore is a key location from which it can expand into the Asia Pacific region, where there are significant growth opportunities for the company," he adds.
Richard Chen, Cortex Partner at Vitruvian, says that UltraGreen’s leadership in fluorescence-guided surgery is already transforming clinical practice worldwide.
"With a strong international footprint and growing relevance across specialties, we are excited to support their continued expansion into new markets and applications," he adds.
“UltraGreen exemplifies the dynamic innovation at the intersection of advanced surgical practice and AI-driven solutions that August Global Partners seeks to champion," says Dr Basil Lui, founding partner of August Global Partners, another investor.
Citigroup Global Markets Singapore is the adviser to this transaction.
