Japan healthcare start-up Ubie closes $43m Series C

Rakuten Capital, AAIC Investment, and Japan Impact Investment also participated in the JPY 2.8bn tranche. It extends JPY 3.5bn round earlier this year from Norinchukin Capital, NVenture Capital, Dai-ichi Life Insurance, pharmaceuticals maker Suzuken, and Egg Forward, an HR consultancy and active tech investor.

Sogo was acquired by local private equity firm Polaris Capital in 2020 in a transaction that saw Hamilton Lane co-invest in its first Japanese take-private. Although best known for its pharmacies, Sogo has evolved into a holding company for interests spanning medical supplies, services for healthcare professionals, and in-hospital restaurants and retail.

Ubie’s core offering is a questionnaire that uses artificial intelligence to analyse symptoms and guide treatment. The service is touted a rarity in that it serves both patients and medical institutions by improving healthcare outcomes and providing doctors with information in areas that are not their speciality.

The fresh capital will be used to expand the team focused on the pharmaceuticals segment, where there are plans to pursue collaborations, according to a statement. Ubie said it also hopes to bring the Japanese medical experience to overseas markets by expanding access to its platform, especially in the US where a beachhead has been established.

The investment will see Ryusuke Shigetomi, chairman and representative director of Blackstone Group Japan, appointed as an outside director. Shigetomi joined Blackstone last year from Morgan Stanley, where he was vice chairman for global investment banking.

Shigetomi's experience in innovation includes a stint as head of technology, media and telecom in the investment banking division of Mitsubishi UFJ Morgan Stanley Securities.

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• Topics
• North Asia
• Expansion
• Healthcare
• Technology
• Japan
• Rakuten
• artificial intelligence