South Korean healthcare startup Skylabs raises ₩20.7 billion to accelerate growth
Reading Time: 2 minutesSkylabs, a South Korean healthcare startup, has raised ₩20.7 billion in a Series C funding round. The round was led by KDB Bank, K2 Investment Partners, Devsisters Ventures, SJG Partners, and Open Water Investment. Skylabs’s total investment raised is now approximately ₩54.8 billion.
Skylabs’s “CART BP” is a ring-shaped continuous blood pressure monitor that can measure and monitor blood pressure 24 hours a day, unlike traditional arm-clamped measurement methods. This allows for the adjustment of drug dosage based on various blood pressure data at different times of the day. It can also effectively track changes in lifestyle improvement, such as sleep and stress management, exercise, alcohol consumption, and the response to taking blood pressure medication. This helps to control blood pressure in hypertensive patients and ultimately helps to prevent cardiovascular disease.
The blood pressure measurement algorithm technology of CART BP has been recognized for its technology, as it has been published in a paper in “Scientific Reports”, published by the world-renowned academic journal “Nature”.
Skylabs signed a domestic licensing agreement with Daewoong Pharmaceutical in June, along with obtaining approval from the Korean Ministry of Food and Drug Safety for CART BP. As a result, it plans to start full distribution to hospitals nationwide from October and also start online sales to general consumers. It aims to sell about ₩70 billion in Korea alone over the next three years, and plans to expand its overseas presence in line with the approval of the US Food and Drug Administration (FDA) and the European Union Conformity Assessment (CE) mark next year.
Lee Byeong-hwan, CEO of Skylabs, said, “CART BP has created a new area of continuous blood pressure monitors that measure continuously for a long period of 24 hours.” “Through this investment, we will continue to secure evidence through clinical research in line with the requirements of the domestic and international hypertension societies, strengthen our technological superiority at the global level, and accelerate the acquisition of overseas approvals and overseas marketing and distribution.”
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