Cleerly raises nearly $200 million in fundraise led by T. Rowe Price, Fidelity

By Manya Saini

(Reuters) – Cleerly, a New York-based health tech startup, has raised $192 million in a funding round led by investment firms T. Rowe Price and Fidelity Management & Research Company LLC.

The fundraise announced on Monday also includes billionaire venture capitalist Peter Thiel, Mirae Asset Capital, Cigna Ventures, Piper Sandler’s Merchant Banking and Sands Capital. Cleerly did not disclose the valuation it fetched in the round.

While a selloff in equities on fears of a global economic slowdown has dried up funding for late-stage startups in recent months, the healthcare sector continues to be resilient due to investor interest sparked by the COVID-19 pandemic.

“We do not take for granted that nearly all of our series B investors also invested in our series C, in this current economy,” Founder and Chief Executive James Min told Reuters.

Cleerly offers artificial intelligence-powered imaging to analyze heart scans. The company plans to use the fresh funds to expand its existing team, tap a wider commercial market and conduct additional large-scale research.

Parker Cassidy, partner at Sands Capital, told Reuters he expects the capital to drive Cleerly’s clinical evidence development and establish a new standard of cardiac care.

The latest round brings the total capital raised by the healthcare company so far to $248 million.

(Reporting by Manya Saini in Bengaluru; Editing by Aditya Soni)