Korean Health Tech Mezoo Secures KRW 18B in Series B Funding for HiCardi
The Korean-based digital healthcare startup Mezoo, developer of the remote patient real-time monitoring platform ‘HiCardi,’ has secured a KRW 18 billion series B investment. The total accumulated investment now amounts to KRW 30.5 billion.
This investment round involved seven new investors, including IBK Bank, the Korea Technology Finance Corporation (Kibo), Mirae Asset Securities, TimeFolio Asset Management, Woori Venture Partners, E&Venture Partners, and Kingo Investment Partners. Existing series A investors such as Donga ST, Shinhan Venture Investment, SJ Investment Partners, AJU IB Investment, and Intervest also continued their support.
The investors participating in this round highly evaluated Mezoo’s technological capabilities, its ongoing business achievements, and its potential for future growth. Mezoo had reached approximately KRW 1.4 billion in sales in 2022 after signing a domestic distributor contract with Donga ST. The company aims to achieve an annual revenue of KRW 4 billion this year and plans to reach a break-even point with KRW 10 billion in sales by 2025.
Mezoo has already completed the shipment of 2,000 devices to Jordan, securing its first significant sale in the Middle East. The company currently supplies its solution to over 200 hospitals in South Korea, with plans to supply all of South Korea’s top five hospitals by the end of this year.
Mezoo’s solution allows real-time monitoring of up to 256 individuals’ vital signs remotely, incorporating features like ‘arrhythmia diagnosis.’ Following this investment, Mezoo will realign its organization by strengthening its sales, marketing, and service departments. The company plans to enter markets with high demand for remote monitoring, starting with the Middle East and Southeast Asia.
To support these expansion plans, Mezoo’s CEO, Park Jung-hwan, participated in an event in Saudi Arabia last October, which was organized during President Yoon Suk-yeol’s state visit. He demonstrated the ‘remote monitoring technology,’ receiving significant interest from local VCs, including Aramco Ventures and PIF Jada.
Park Jung-hwan, CEO of Mezoo, stated, “With the conclusion of this series B funding, we are collaborating with various partners to expand the use of ‘HiCardi’ for remote monitoring systems in industries beyond healthcare.”
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