MedInTech Secures 20 billion KRW Series B Investment for Innovative Medical Endoscope

Korean startup MedInTech, developing a medical smart endoscope, has successfully secured a Series B investment of 20 billion KRW. This round of investment saw continued support from existing investors such as Atinum investment, FuturePlay, Smilegate Investment, and Nextrans, with new players including IBK(Industrial Bank of Korea), SL Investment, Hana Ventures, Wooshin Venture Investment, and SCL Investment joining in. With this Series B investment, following previous funding rounds including a Seed investment in 2020 and a Series A investment of 8 billion KRW in February 2022, the company has now amassed over 28 billion KRW in total investments.

Founded in 2020 by CEO Lee Chi-won and Vice President Kim Myung-joon, who were previously researching endoscope-related technologies at the government-funded research institute Korea Electrotechnology Research Institute, MedInTech is pioneering the development of a motorized endoscope that is 50% lighter than conventional models, leveraging medical robot technology. Additionally, the company possesses software technology and products for detecting abnormalities in upper areas based on artificial intelligence, enhancing convenience for doctors and reducing misdiagnosis.

Having obtained Grade 2 medical device approval, MedInTech plans to launch its motorized digestive endoscope system and abnormality detection software, currently undergoing clinical trials at Seoul National University Hospital, later this year. Furthermore, it aims to further refine various AI-based convenience software technologies to maximize the usability and convenience of the motorized endoscope system. The investment will be directed towards establishing a mass production system for market launch and facilitating overseas expansion.

Atinum investment remarked, “MedInTech has demonstrated remarkable differentiation in both hardware and software compared to existing global competitors by pioneering the development of the world’s first next-generation digestive endoscope system based on motorized control technology,” expressing optimism for significant sales performance as development and regulatory approvals are finalized.

CEO Lee Chi-won emphasized, “Our goal is to address long standing issues with mechanical flexible endoscopes, leveraging medical robot technology and artificial intelligence,” further stating, “MedInTech aims to introduce medical devices to the global market that provide convenience for medical professionals and ensure safety for patients.”