UltraGreen.ai has completed a US$188 million anchor investment led by 65 Equity Partners, Vitruvian Partners, and August Global Partners, placing the company at an equity valuation of US$1.3 billion. The funding marks a significant vote of confidence in the company’s fluorescence-guided surgery (FGS) technologies and its AI-powered surgical platform.
Headquartered in Singapore, UltraGreen.ai is recognised as the world’s largest provider of indocyanine green (ICG), the fluorescence agent used in more than 90 per cent of FGS procedures worldwide. Through its Diagnostic Green business, the company supplies IC-Green in the United States and Verdye in other international markets.
Ravi Sajwan, founder and chief executive officer of UltraGreen.ai, said the investment validates the company’s vision of making precision surgery widely accessible. “We are delighted to welcome 65EP, Vitruvian and August as shareholders of UltraGreen.ai. This investment marks their confidence in our mission to democratise precision surgery worldwide and enables us to leverage their deep strategic expertise in scaling healthcare technologies across global markets,” he said.
Expanding applications in surgical innovation
UltraGreen.ai plans to use the investment to expand its fluorescence ecosystem, which combines ICG agents, advanced imaging hardware, and AI quantification software. These technologies support a growing number of high-value procedures, including colorectal, minimally invasive, and robotic surgeries, by helping surgeons visualise anatomy and assess perfusion more precisely.
By covering the entire surgical workflow – from visualisation to quantification to decision support – the company aims to reduce complications, shorten procedure times, and improve patient outcomes. UltraGreen is also advancing AI-powered analytics to extend the role of fluorescence imaging in surgical intelligence.
Investor perspectives on growth opportunities
Francis Woo, chief corporate officer and managing director at 65 Equity Partners, said the investment reflects the firm’s mandate to support high-quality, high-growth businesses. “UltraGreen is the global leader in precision surgical solutions, and Singapore is a key location from which it can expand into the Asia Pacific region, where there are significant growth opportunities for the company,” he said.
Richard Chen, cortex partner at Vitruvian Partners, highlighted UltraGreen’s ability to set new standards in surgical care. “Their vision to harness indocyanine green (ICG) fluorescence agents for advanced quantification — supported by AI and next-generation imaging — positions them uniquely to set new global standards in surgical care,” he said.
Dr Basil Lui, founding partner of August Global Partners, added that UltraGreen is driving innovation at the intersection of advanced surgical practice and AI. “Our investment underscores a shared commitment to accelerating the global adoption of precision healthcare and enabling clinicians to deliver better, safer surgical outcomes,” he said.
Driving future healthcare innovation
UltraGreen.ai’s platform is designed to address some of the most pressing challenges in healthcare by improving surgical safety and efficiency. With operations across North America, Europe, and Asia, the company is working to broaden the adoption of minimally invasive and robotic-assisted techniques, backed by a growing portfolio of AI-driven tools and imaging technologies.
Citigroup Global Markets Singapore served as the exclusive financial advisor to UltraGreen.ai and its shareholders for this transaction.
