UltraGreen.ai, a provider of fluorescence-guided surgical technologies, has raised $188 million in an investment led by Temasek-linked 65 Equity Partners and UK-headquartered Vitruvian Partners, with participation from August Global Partners.
The fundraising exercise, which valued UltraGreen at $1.3 billion, underscores investor confidence in the firm’s AI-driven surgical imaging platform and will fuel the company’s next growth phase, including expansion in Asia, according to a company statement.
UltraGreen, through its diagnostic green unit, is the world’s largest supplier of indocyanine green, a dye used in over 90% of fluorescence-guided surgery procedures globally. The firm markets the compound as IC-Green in the US and Verdye internationally.
CEO and founder Ravi Sajwan said the deal reflects the new investors’ support for the company’s vision to make “data-driven surgical intelligence the standard of care worldwide.”
The partnership will enable UltraGreen to expand its fluorescence ecosystem by combining ICG agents with imaging hardware and AI-powered quantification software. These tools are increasingly used in minimally invasive and robotic surgeries to improve perfusion assessment and anatomical visualisation.
Francis Woo, Chief Corporate Officer and Managing Director at 65, said the Anchor Fund-backed investment “aligns with our mandate of supporting high-quality, high-growth businesses” and highlighted Singapore as a launchpad for the company’s Asia-Pacific expansion.
Citigroup Global Markets Singapore advised UltraGreen and its shareholder on the transaction.
