UltraGreen.ai secures US$188 million investment round led by 65 Equity Partners and Vitruvian Partners
Its valuation stands at US$1.3 billion
[SINGAPORE] UltraGreen.ai has secured a US$188 million investment round led by 65 Equity Partners and Vitruvian Partners.
Other investors in the round include August Global Partners, and the funding will support UltraGreen.ai’s next phase of growth. The company’s valuation stands at US$1.3 billion after this funding round.
65 Equity Partners as a strategic investor will aid the company’s expansion in Asia.
“We believe the investment also aligns seamlessly with our strategic expansion and diversification, particularly in Asia,” said Ravinder Sajwan, chief executive officer of UltraGreen.ai.
The investment by 65 Equity Partners will be from the Anchor Fund, with the mandate of funding high growth or market leaders to eventually list on the Singapore Exchange.
UltraGreen.ai has not taken on outside investors prior to this investment round, with Sajwan looking for investors that could help with credibility and reach for the healthtech company. Investors such as 65 Equity Partners, which is backed by Temasek, will confer institutional credibility to UltraGreen.ai, which has already shown results on its own.
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The track record of healthcare investments by 65 Equity Partners and Vitruvian Partners will help expand reach for UltraGreen.ai, with potential partners in other portfolio companies to work with or even acquire.
“I like to keep my options open, so bring investors in who will help you do that and also help you build relationships,” said Sajwan.
Tapping 65 Equity Partners as an investor is not about deciding on a Singapore listing, said Sajwan, adding that solving a fundamental issue such as healthcare means UltraGreen.ai is not limited in its listing location. Partnering like-minded investors and partners is the only way to grow the business, he said.
The capital raised will be used to expand the company’s capability and business, with people hired in the last eight weeks to help with regulations and cardiac data management support.
There is also potential for possible acquisitions with the capital raised. Targets would be companies that are doing unique software that would benefit from being part of the UltraGreen.ai ecosystem, which consists of the data platform, near infrared cameras and the dye.
“We’re also looking at building our camera system... and starting our manufacturing in Singapore,” said Sajwan.
This would be part of the business model to lease cameras for procedures in Asia, bringing down the costs for healthcare institutions and patients, while still getting valuable data from the procedures. This model will also turn cash-flow positive quickly as large emerging markets have the volume in just diabetic foot ulcers and cardiac ailments to recoup costs.
But more importantly, the data gleaned from the procedures will help UltraGreen.ai in building data models that could help with procedures with diabetic foot ulcers and other wound models, for instance.
The capital is also key in getting the manufacturing of the dye in Singapore, with the search for buildings that could support the plant. With demand expected to increase as UltraGreen.ai expands in Asia, capital will be needed to grow the supply chain.
“The recognition from major investors that this is something fundamental in surgery, that recognition is a credit to the company and our team to say we have done a decent job of coming to this point,” said Sajwan.
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