UltraGreen.ai Raises $188M at $1.3B Valuation

UltraGreen.ai, a Singapore-based leader in fluorescence-guided surgery (FGS) technologies, has secured US$188 million in a funding round led by 65 Equity Partners and Vitruvian Partners, with participation from August Global Partners, valuing the company at US$1.3 billion.

The investment will fuel the expansion of UltraGreen.ai’s AI-powered surgical imaging platform and broaden its technology portfolio, particularly targeting the Asia-Pacific market.

UltraGreen.ai is the world’s largest supplier of indocyanine green (ICG), the dye used in over 90 percent of FGS procedures worldwide, giving it a dominant market position. The company’s valuation far exceeds the current global FGS systems market size—estimated at US$74–124 million in 2023–2025—signaling strong investor confidence in significant future market expansion.

Key Highlights

• UltraGreen.ai raises $188M at $1.3B valuation to scale globally
• Supplies ICG dye used in 90 percent of fluorescence-guided surgeries
• Expanding into AI-driven surgical intelligence and decision support

Market research projects FGS to grow at a 14–16 percent CAGR through 2030–2032, driven by increased adoption of near-infrared fluorescence and multispectral imaging systems.

This growth is further supported by rising clinical evidence for FGS benefits, including recent FDA approvals for technologies like pegulicianine that improve detection of residual cancer.

Also Read: Charm Therapeutics Raises $80M for AI Cancer Drug

By integrating AI-driven surgical intelligence and decision-support tools, UltraGreen.ai is transitioning from a supplier of surgical dyes to a full-fledged data-driven surgical platform provider, positioning itself to capture value as precision surgery becomes standard practice in oncology and other surgical specialties.