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Ex-U.S. health techs dominate Series E+ rounds in Q3

Erin Brodwin
Oct 25, 2022
Data: CB Insights; Chart: Axios Visuals

Bucking an industry-wide investment downturn, several digital health companies raised Series E+ rounds in Q3, including We Doctor and Kyruus, per a recent CB Insights report.

Why it matters: Although the market correction is generally pushing investors away from larger and later-stage rounds, some companies are still scoring big — and most of them are outside the U.S., per the data.

Details: Among the biggest late-stage raisers include the company known for debuting China’s first internet-based hospital, a Japanese disease management business, and an Israeli surgical robot maker.

  • China-based We Doctor in July raised $150 million in a Series G round.
  • Japanese CureApp in August collected $52 million in Series G funding.
  • Israeli Monteris Medical in September pulled in $35 million in a Series E.

The intrigue: Only two companies on the list — Kyruus and uLab Systems — are headquartered in the U.S. Both offer software intended to streamline patient care.

  • Boston-based Kyruus and Memphis, Tenn.-based uLab each collected $35 million in their respective September Series E rounds.
  • Kyruus' round valued the administrative data management platform company at $449 million, while Pitchbook estimates uLab to have been valued at around $230 million after its last raise.
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