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Health tech firm Color’s valuation hits over $4 bln after latest funding

Nov 9 (Reuters) – Health expertise firm Color mentioned on Tuesday its valuation reached $4.6 billion after a current $100 million funding, as enterprise companies proceed to pour cash into digital well being companies that noticed service demand shoot up in the course of the pandemic.

The pandemic has supercharged the sector with healthcare transferring to the digital realm. While firms need to increase their scale and choices, traders are betting on continued demand even after the pandemic for the comfort of the providers.

With the latest funding, Color plans to widen entry to screening, diagnostics and preliminary remedies. It has greater than 6,500 COVID-19 testing and 500 vaccination websites within the United States.

Besides COVID-19 testing, the California-based firm additionally conducts genetic testing.

It has tied up with practically 1,000 organizations, together with public well being departments, universities and employers. It has additionally partnered with Thermo Fisher Scientific (TMO.N), Salesforce.com Inc (CRM.N) and the State of California, amongst others.

Color’s latest funding spherical was led by enterprise capital fund Kindred Ventures and funds and accounts suggested by T Rowe Price Associates. Existing traders General Catalyst, Viking Global Investors and billionaire philanthropist Laurene Powell Jobs’ Emerson Collective additionally participated within the spherical.

Color has raised $378 million thus far.

Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber and Shinjini Ganguli

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