Nov 4, 2025

Funds raised are intended for developing core products, other fluorescence-guided surgery technologies, strategic investments, acquisitions, global expansion, and general corporate purposes. UltraGreen.ai develops technology that helps surgeons using fluorescence imaging and AI analytics. In September, the company received a US$188 million investment led by Temasek Holdings Pte-backed 65 Equity Partners and private equity firm Vitruvian Partners, valuing it at US$1.3 billion. Citigroup and DBS are arranging the potential IPO. Singapore's IPO market has raised S$1.9 billion (US$1.5 billion) so far this year, putting it on track for a six-year high, according to Bloomberg. 🧠 Food for thought Implications, context, and why it matters. IPO timing hinges on missing traction metrics and regulatory clarity UltraGreen.ai is valued at $1.3 billion, above the $74–124 million global fluorescence-guided surgery (FGS) systems market . That gap implies buyers are betting on future platform reach, not today's sales. The field uses fluorescent dyes with specialized cameras to help surgeons see tissue in real time. UltraGreen supplies the most indocyanine green (ICG) worldwide, used in over 90% of the field's procedures . Available materials share no counts for installed imaging systems, hospital ties, or revenue. IC-Flow appears to carry CE marking (EU conformity certification) . There is no public record of U.S. Food and Drug Administration (FDA) 510(k) clearance, which is the pathway for demonstrating substantial equivalence A December listing would land about three months after the September round . The brief gap could signal cash needs or fast growth the materials do not describe. Medical device and AI software vendors have more ways to plug in The FGS systems space could grow 14–16% CAGR through 2030–2032 . Oncology surgeries hold 61% share . North America leads with 38% of revenue . Makers of operating room (OR) gear, video data management, or AI analytics can focus on these active segments. UltraGreen is moving from dye supplier to an AI surgical platform . The shift opens demand for real-time tissue segmentation software, robotic links, and cloud storage for surgical imaging that healthcare IT providers could supply. Asia-Pacific posts the fastest regional growth at 18.7% CAGR . OR modernization drives that pace. Healthcare enterprise software and regulatory compliance vendors can prioritize this region, where UltraGreen has signaled expansion