Cue Health, a startup developing a connected testing device, closed a $100 million series C round. The company recently submitted its system to the FDA for emergency use authorization to be used for onsite Covid-19 testing.
The latest round of funding, led by Chinese investors, brings the total amount of money raised by the company, co-founded by CRISPR pioneer Jennifer Doudna, to more than $70 million.
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Deals worth $50 million or more are becoming more frequent, even in Series A. But a VC investor said underlying drivers in life sciences are different from the technology sector.
The company joins a growing wave of firms developing drugs for the disease, which has no approved treatments. It expects to enter two drugs into the clinic next year.