The funding round saw participation from both new and existing investors

Cue Health - FDA

FDA authorised Cue Health’s COVID-19 Test for at-home and over the counter use in March. (Credit: Cue Health Inc.)

Health technology company Cue Health has raised $235m in a new funding round to expand its portable, compact, connected diagnostic platform.

The funding round saw participation from both new and existing investors.

Perceptive Advisors, MSD Capital, and Koch Strategic Platforms are the new investors, while the existing investors include Johnson & Johnson Innovation – JJDC, Decheng Capital, CAVU Ventures, ACME Capital, and others.

As part of its plans to enable end-to-end care journeys, the company is offering the Cue Health Monitoring System, which is a portable, compact, connected diagnostic platform that provides molecular testing at point-of-care.

Together with the Cue COVID-19 Test Kit, the system is a FDA authorised molecular-based diagnostic test for over-the-counter and home use.

The Cue Health Monitoring System is designed to deliver a range of tests through one system.

The system works with the Cue Test Cartridge, the Cue Sample Wand, and the Cue Health App to turn test samples into digital results.

Cue co-founder and CEO Ayub Khattak said: “The ongoing COVID-19 pandemic has exposed many of the shortfalls of the status quo healthcare model.

“It’s clear that the world needs to make the move to Healthcare 2.0, a decentralized, 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.”

By connecting diagnostics with telemedicine, Cue intends to develop a suite of offerings to address respiratory health, sexual health, cardiac and metabolic health, women’s health, men’s health, and chronic disease management.

In March, Cue has received Emergency Use Authorization (EUA) from the FDA for over the counter sale of its COVID-19 test.

The Cue Covid-19 at-home and OTC test (Cue OTC Test) is designed to deliver results within 20 minutes.