January 27, 2023

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Japan’s health tech Ubie plans to boost its US expansion with $19 million Series C expansion • Eureka News Now

Ubie, a Tokyo-based startup offering an AI-powered symptom checker app and hospital SaaS products, has completed a $19 million extension to its previous Series C round. This brings the total funding for the health tech startup to $45.2 million in Series C.

The renewal round consists of 90% equity and 10% debt financing, according to Ubie Kota Kuto co-founder and CEO. With this round, Ubie has raised a total of $76 million since its inception in 2017.

The startup declined to comment on its company valuation, but a source familiar with the situation who asked to remain anonymous told Eureka News Now that its valuation is now estimated at $250 million. Investors in the recent financing include Sogo Medical, AAIC Investment, Japan Impact Investment, Rakuten Capital, Shoko Chukin Bank, Japan Finance Corporation and Mizuho Bank.

Ubie plans to use the proceeds to expand its healthcare platform and boost its US market penetration after entering Singapore in August. The startup launched its Symptom Checker app in the US earlier this year and opened a US office in October. Kuto told Eureka News Now that Singapore’s medical system is similar to Japan’s given its geographic and cultural background, which is why the company decided Singapore was “an appropriate first step for global expansion.”

The outlet is in talks with pharmaceutical companies to expand partnerships, many of which have offices on the East Coast, Kuto explained. Kuto added that a handful of partnership deals are expected to be finalized and announced early next year.

Ubie isn’t the only health tech company developing an AI-enabled symptom checker for users. A Boston-based startup, Buoy Health, has developed a symptom-checking app using AI; Berlin-based Ada Health has also developed an AI-driven symptom assessment app; and IBM’s Mediktor helps people assess symptoms. As a differentiator, Kuto pointed out that Ubie offers a B2B product called Ubie for Hospital, also known as AI Monshin, and a B2C single-user app. The Ubie for Hospitals, which allows doctors to reduce their time taking patient history, is medical questionnaire software that allows patients to conduct a preliminary interview via a tablet while waiting for a doctor’s visit.

“Based on data from approximately 50,000 medical research papers [created by more than 50 physicisans]AI Monshin [automatically] selects and asks around 20 questions from 3,500 types of question data,” said Kota.

Co-founded by doctor Yoshinori Abe and engineer Kubo, Ubie claims that more than 1,100 medical institutions in Japan use Ubie’s AI Monshin. The company also has more than 7 million monthly active users (MAUs) of its symptom checker app. Ubie employs around 200 people.