(Reuters) – Health technology company Color said on Tuesday its valuation reached $4.6 billion after a recent $100 million investment, as venture firms continue to pour money into digital health businesses that saw service demand shoot up during the pandemic.
The pandemic has supercharged the sector with healthcare moving to the virtual realm. While companies are looking to expand their scale and offerings, investors are betting on continued demand even after the pandemic for the convenience of the services.
With the latest investment, Color plans to widen access to screening, diagnostics and initial treatments. It has more than 6,500 COVID-19 testing and 500 vaccination sites in the United States.
Besides COVID-19 testing, the California-based company also conducts genetic testing.
It has tied up with nearly 1,000 organizations, including public health departments, universities and employers. It has also partnered with Thermo Fisher Scientific, Salesforce.com Inc and the State of California, among others.
Color’s latest funding round was led by venture capital fund Kindred Ventures and funds and accounts advised by T Rowe Price Associates. Existing investors General Catalyst, Viking Global Investors and billionaire philanthropist Laurene Powell Jobs’ Emerson Collective also participated in the round.
Color has raised $378 million to date.
(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber and Shinjini Ganguli)
