Algocare Raises KRW 15B in Series A to Fuel AI Healthcare Growth
Algocare, a South Korean startup that has won the CES ‘Innovation Award’ four consecutive times for its development of an AI-based healthcare platform, has secured a Series A investment totaling KRW 15 billion.
This investment round was led by STASSETS INVESTMENT, with contributions from Company K Partners, Murex Partners, the INDUSTRIAL BANK OF KOREA (IBK), L&S Venture Capital, JB Investment, and Maple Investment Partners. Algocare was able to attract this investment by demonstrating its technology’s potential and its growth in personalized nutrition management services.
Established in 2019, Algocare provides “Algocare at Work,” a service for corporate nutrition management. Utilizing AI, it analyzes users’ health data and customizes supplements through the “Nutrition Engine,” an IoT device. Users can consume these supplements, precisely mixed into 4mm diameter granules, tailored daily to their physical characteristics and health condition. Additionally, they receive continuous health management services, informed by their health data, through the Algocare app.
Since its launch in March 2023, Algocare at Work has seen rapid growth, securing over 40 corporate clients, including major companies such as LG Energy Solution, SK Square, and POSCO E&C, within a year. As of March 2024, the total number of servings consumed has exceeded 480,000, with an enterprise client retention rate of over 88%, which is considerably high compared to other welfare services. The quarterly growth rate for corporate clients has reached 49%.
Leveraging the recent investment, Algocare plans to aggressively expand its presence in the B2B market. It has already secured approximately 40 corporate clients and has introduced pilot services to Hyundai Motor, Walkerhill Hotel and Resort, and Ecopro BM.
In response to the growing trend toward personalized healthcare, Algocare is also focusing on developing home-use services. These services, aimed at offering consumers high-quality nutrition management, will be launched with a focus on convenience and affordability.
An official from STASSETS INVESTMENT commented, “Algocare at Work is an innovative service that introduces a new paradigm to the healthcare industry. Despite being currently offered only to corporate clients, its rapid growth suggests a promising future when consumer-facing services are launched.”
Ji Won Jeong, CEO of Algocare, said, “The growth of the healthcare industry and the trend towards personalization have allowed Algocare’s solutions and services to resonate widely. With this investment, we plan to refine our solutions and prepare for global expansion, ensuring that a broader audience, including corporate clients, can access personalized nutrition management.”
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