Mediwhale, a Seoul, South Korea-based AI-powered health diagnostics company, raised $12m in Series A2 funding.
The financing round was led by Korea Development Bank (KDB), with participation from Woori Venture Partners, IMM Investment, Mirae Asset Securities, and other investors. This investment involves both the issuance of new shares and secondary sales.
The company intends to use the funds to continue to enhance AI algorithms, achieve U.S. FDA approval for Reti-CVD, expand its global footprint, and develop new products to predict chronic kidney disease risk.
Founded in 2016 and led by Kevin Choi, CEO, Mediwhale is an AI-powered health diagnostics company that uses non-invasive retina scans to help prevent heart and kidney diseases.
The company’s flagship product, Reti-CVD, is an AI diagnostic solution that autonomously assesses future cardiovascular disease risk using an eye scan. It is a radiation-free test that provides highly accurate results equivalent to the coronary artery calcium score derived from a cardiac CT scan in predicting cardiovascular risk. Since June 2023, Reti-CVD has been approved for private reimbursement in Korea and has been utilized in over 7,200 cases across 57 medical institutions as of August 2024.
The company initially raised $2m in Series Pre-A funding in 2021, followed by $9m in Series A funding in 2023. The recent Series A2 investment of $12m further strengthens the company’s growth trajectory.
FinSMEs
25/09/2024