AI All Bio-HealthCare Funding Startup News in Korea (Korean Startup News)

AITRICS Raises 27.1 Billion KRW in Series B for ‘Vital Care’ Medical AI Expansion

2024-03-21 2 min read


AITRICS Raises 27.1 Billion KRW in Series B for ‘Vital Care’ Medical AI Expansion

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South Korean medical artificial intelligence (AI) company AITRICS has raised a total of 27.1 billion KRW in a Series B funding round from nine venture capital firms, both domestically and internationally.

In this Series B round, existing investors Premier Partners, BNH Investment, and BSK Investment made follow-on investments. Boneum Investment, DS Investment & Securities, Ulmus Investment, HB Investment, Shinyoung Securities, and HRZ joined as new investors.

Founded in 2016, AITRICS is a specialist in medical AI, having developed ‘AITRICS-VC (Vital Care),’ an AI solution that predicts patient condition deterioration based on biosignals.

Developed by AITRICS, AITRICS-VC is a medical AI software that monitors hospitalized patients’ conditions in real-time. It predicts early deterioration events such as sepsis, death, and cardiac arrest by analyzing a comprehensive dataset. This dataset includes six vital signs, eleven blood test results, the patient’s consciousness level, and age, all extracted from Electronic Medical Records (EMR), allowing for more accurate early detection of patient anomalies.

In October 2022, AITRICS-VC received approval from the Ministry of Food and Drug Safety and is currently being used on a non-reimbursement basis, following a waiver from the Ministry of Health and Welfare for the evaluation of new medical technologies. It has been implemented in over 40 hospitals, including Eunsung Medical Foundation GOOD HOSPITALS, Gangnam Severance Hospital, and Korea University Anam and Guro Hospitals, generating revenue.

AITRICS plans to use the newly secured funds for technological advancements, new product development, and to pursue FDA approval in the United States. This Series B round has notably attracted investment from global investors, setting the stage for the company’s full-scale international expansion.

Yoon Ha-young, an executive at Premier Partners, stated, “Medical artificial intelligence is experiencing remarkable growth worldwide. We have focused on AITRICS’s exceptional research personnel and superior biosignal technology since the Series A stage. We decided to make an additional investment because AITRICS-VC, which predicts severe diseases and death, can bring positive changes to the medical market environment. We will continue to wholeheartedly support and encourage AITRICS’s efforts in not only the domestic market but also in their global expansion.”

Kim Kwang-jun, CEO of AITRICS, expressed his gratitude to the investors for recognizing the company’s past achievements and future potential. “Through this investment, we plan to significantly enhance our medical AI research by expanding our team of specialists and developing new pipelines for the company’s continuous growth. We will work diligently to ensure that our technology benefits more medical professionals and patients, aiming for a global presence beyond the domestic market,” he said.

Moreover, AITRICS has raised a total of 38.1 billion KRW in funding, including 7.5 billion KRW in a seed round in 2017, 20.1 billion KRW in a Series A in 2019, and 3.5 billion KRW in a pre-Series B in 2021.

[Korean bioHealth Startups News]

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