NEW YORK — Cue Health said on Thursday that it has raised $235 million in a private financing round.
The round included new investors Perceptive Advisors, MSD Capital, and Koch Strategic Platforms, as well as existing investors Johnson & Johnson Innovation, Decheng Capital, CAVU Ventures, and Acme Capital.
Cue, which raised $100 million in mid-2020, said it will use the new funding to accelerate its growth. The San Diego-based company's flagship offering is the Cue Health Monitoring System, a portable molecular diagnostic platform that runs single-use test cartridges and provides results to a mobile app within 20 minutes. In March, Cue received Emergency Use Authorization from the US Food and Drug Administration for an over-the-counter SARS-CoV-2 test that runs on the system.
Cue said that it is developing additional tests in respiratory health, sexual health, cardiac and metabolic health, women's and men's health, and chronic disease management.
"It's clear that the world needs … a decentralized, responsive, digital-first, and consumer-centric model that makes it easy to access important health information and act on it," Ayub Khattak, Cue's cofounder and CEO, said in a statement. "We believe distributed diagnostics is the key missing piece to bridge the physical to virtual care continuum."