Apollon Secures 2.3 Billion KRW in Funding for Innovative Needle-Free CGM Technology
Apollon, a South Korean biotech startup that is developing a needle-free continuous glucose monitoring system (CGM), has successfully raised 2.3 billion KRW in a pre-Series A funding round. This round saw contributions from KB Investment, Stick Ventures, Behigh Investment, and MIRAE HOLDINGS. Notably, both KB Investment and Behigh Investment had previously participated in the seed funding round in November of last year. Including grants from the TIPS program, Apollon has secured approximately 4 billion KRW for research and development (R&D) in the past ten months.
The company boasts sophisticated technology using Raman spectroscopy to accurately measure glucose levels within the body. Recently, Apollon secured patents in the U.S. and South Korea for a compact device utilizing APD technology and has filed about 30 additional patents in the U.S. Apollon is currently conducting clinical trials in collaboration with the Massachusetts Institute of Technology (MIT), with its researchers participating directly on site.
Apollon continues to recruit top talent in both Boston and Seoul, with new hires joining their electronic circuit, mechanical design, and embedded systems engineering teams. They are actively seeking to fill positions in mechanical design engineering.
Hong Aram, CEO of Apollon, commented, “Following the U.S. FDA’s first approval of a CGM for over-the-counter use, it’s clear that an affordable and user-friendly device is not only vital for type 2 diabetes patients but also for the general public. With South Korea’s wealth of highly skilled professionals in biomedical and precision engineering, I am confident that the most competitive commercial technologies will emerge from here.”
Lee Ji-ae, Executive Director at KB Investment, which has made multiple investments in Apollon, noted, “The glucose monitoring technology sector is gaining more attention due to the increasing focus on health and diet. Based on our observations since the seed stage, Apollon’s targeted market size, technological advancements, and team composition are impressive and have the potential to be highly regarded on a global scale, which motivated us to invest for the second time.”
Apollon plans to conduct patient-based clinical trials at the Joslin Diabetes Center, affiliated with Harvard Medical School, next year and will subsequently seek U.S. FDA approval.
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