Singapore Surgical Imaging Firm UltraGreen.ai Gears Up for $400 Million IPO
- ByStartupStory | November 4, 2025
UltraGreen.ai, a leading Singapore-based surgical imaging technology company, has started gauging investor interest ahead of its planned initial public offering (IPO) in Singapore. The company aims to raise approximately $400 million in the anticipated listing, potentially occurring as early as December 2025 or in the first quarter of 2026, subject to regulatory and market conditions.
UltraGreen.ai specializes in fluorescence-guided surgical imaging technologies and is recognized globally as a top supplier of indocyanine green (ICG) dye—a critical tool used for real-time visualization of blood flow and tissue perfusion during surgeries. The company is also developing a sophisticated AI-powered surgical intelligence platform integrating real-time imaging, quantification software, and cloud analytics to enhance surgical decision-making.
According to sources close to the deal, UltraGreen.ai’s IPO would value the company at over S$2 billion (approximately USD 1.5 billion), reflecting strong investor confidence in the growing medical imaging and AI-driven healthcare technology sectors. The funding raised will be allocated toward research and development, global expansion efforts, strategic partnerships, and potential acquisitions.
The IPO plans come on the heels of a major anchor investment in September 2025, when UltraGreen.ai secured $188 million from investors including Equity Partners Vitruian and August Global Partners, which helped propel its valuation to around $1.3 billion.
With a clientele including major healthcare institutions such as Adventist Health, Cleveland Clinic, and Mayo Clinic, UltraGreen.ai continues to expand its footprint in medical imaging markets globally.
The expected listing also aligns with Singapore’s efforts to attract high-growth technology companies and strengthen its capital markets. The city-state, which led Southeast Asia in IPO revenues across the first three quarters of 2025, is positioned to benefit from UltraGreen.ai’s debut, potentially invigorating investor interest in healthcare technology.
In summary, UltraGreen.ai’s upcoming IPO is a significant milestone for this pioneering surgical imaging firm, underpinning its ambitions for global scale-up in AI-enhanced medical technology, while contributing to Singapore’s emergence as a regional fintech and healthcare innovation hub.
Follow Startup Story
Related Posts
