South Korean health care startup Sky Labs successfully raised $20 million in new funding from existing and new investors, raising expectations for its aggressive foray into global markets. The accumulated amount of investment is USD 30 million.
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In addition to returning investors such as Atinum Investment, Moru Asset Management and Soo Investment Capital, new investors such as KB Investment, Korea Investment Partners and LB Investment participated this time. It is noticeable that big investors managing more than KRW 1 trillion in Korea participated in the investment. Sky Labs explains that such a great achievement was possible because the technological competitiveness and business capacity of the company were highly recognized.
Sky Labs developed CART-I, the world’s first AI-based ring-type heart monitoring platform, which attracted attention in the healthcare market. CART-I consists of a ring-type wearable medical device and user’s application and medical professional’s web platform and enables atrial fibrillation patients to conduct monitoring when they are not in a hospital. In addition, the photoplethysmography (PPG) sensor in the ring monitors the bloodstream in the finger to measure irregular pulse waves. The measured data are transmitted to a cloud platform to have AI detect and analyze atrial fibrillation and the result is delivered to the user’s application and medical professional’s web. CART-I earned CE-MDD (Medical Devices Directive) and is being prepared for U.S FDA approval.
Sky Labs has expanded its business in overseas markets since the beginning of this year. In January, CART-I was selected for clinical research to monitor atrial fibrillation led by professor Timothy Betts, a cardiologist at Oxford University Hospital. In April, Sky Labs signed a contract with Titan Commerce Continental Services GmbH, the largest wearable medical device distributor in Germany, to sell CART-I in Europe. It is ready for on/offline sales to hospitals and medical institutions in Germany, Austria and Switzerland.
Encouraged by the attracted investment, Sky Labs plans to expand global clinical research with the UK, the Netherlands, Germany and the U.S and strengthen the marketing activities of the U.S and European branches to take over global healthcare markets. In addition, it expects to develop monitoring devices for various chronic diseases, acquire approval for the devices and recruit manpower.
Kim Jinyong (M.D., Ph.D.), director of KB Investment which participated in Series B investment, said, “Analyzing heart rhythm precisely, conducting continuous monitoring of vital signs such as blood pressure and oxygen saturation and carrying out the medical analysis of the signs, CART-I is the most advanced wearable medical device. Continuous and precise monitoring outside a hospital for the constant care of chronic disease patients is an important element of tailor-made medical care. CART-I will realize it.”
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Jack Lee, CEO of Sky Labs, said, “The investment we attracted this time verifies the technological and clinical capacity of our AI, software and hardware, the potential and expandability of CART platform and the high praise of our globally expanding business capacity. Accelerating the growth, we are going to bring fundamental changes to the healthcare market for chronic disease patients outside a hospital.”
Winning the Digital Health & Technology Competition of the European Society of Cardiology in 2018 and 2019 and selected as the Technology Pioneer of the World Economic Forum 2019, Sky Labs is highly recognized for its technology and competitiveness.
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