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Mediwhale, a medical AI startup in South Korea, has recently raised 20 billion won ($13 million) in a Series C funding round led by Seoul-based private equity firm, Premier Partners.
KB Investment, Quad Asset Management, IMM Investment, Hana Ventures, AON Investment, and Startup Partners also joined the round.
This brings its total investments raised to date to 51.2 billion won ($34 million).
Founded in 2016, the company develops AI-powered software that analyses retinal images to predict the risk of cardiovascular disease and chronic kidney disease, and screens for eye conditions such as glaucoma, cataracts, and diabetic retinopathy.
Its flagship product, Dr Noon CVD, which the company claims has shown comparable accuracy to conventional cardiac CT, is currently used in over 170 hospitals worldwide, including those under the Yonsei University Health System.
WHAT'S IT FOR
In a media release, Mediwhale said its fresh funds will be used to conduct clinical trials and pursue regulatory approvals in the United States and other global markets.
The company is seeking De Novo approval from the US Food and Drug Administration for its CVD-specific AI software. It also plans to conduct proof-of-concept projects, particularly with primary care institutions, to generate case studies.
"The company's strategy is to simultaneously meet global regulatory standards and market demands by concentrating its capabilities on proving clinical efficacy and applicability in actual medical settings, which are key gateways to entering the US market," it explained.
Additionally, its Series C proceeds will fund its preparations to go public via a technology special listing on the KOSDAQ in the first half of 2027.
THE LARGER TREND
Korean medical AI companies continue to attract investments as they work towards global expansion. Earlier in February, Vuno secured 10 billion won ($6.9 million) in funding through perpetual convertible bonds. Late last year, AITRICS bagged 35 billion won ($24 million) in Series C funding to develop its AI products further.
