A startup developing smart endoscopes for gastrointestinal use, MedInTech, has secured KRW 8 billion in Series A funding from Atinum Investment, Smilegate Investment, and FuturePlay.
MedInTech is developing a smart endoscope that enhances physician convenience and reduces misdiagnosis by combining core technologies for the key components of flexible endoscopes—the endoscope scope, light source unit, and image processing system—with differentiated motorization modules and artificial intelligence algorithms, setting it apart from existing equipment.
MedInTech is a startup founded in 2020 by CEO Chi-won Lee and Vice President Myung-joon Kim, who had been conducting research on endoscopy-related technologies at the government-funded Korea Electrotechnology Research Institute (KERI). The co-founders combined fundamental motorization technologies for surgical robots, which they developed together during their graduate studies at Seoul National University, with KERI’s medical screening endoscopy technologies to develop a “next-generation medical endoscopy system” and secure related patents.
In particular, MedInTech’s technological capabilities were highly evaluated in this investment round, including its selection as the lead organization for a KRW 9.5 billion national R&D project under the Pan-Ministry Full-Cycle Medical Device Research and Development Program in 2021. This program is a government-led initiative designed to build advanced medical systems for the future healthcare environment of the Fourth Industrial Revolution, jointly administered by multiple ministries—the Ministry of Science and ICT, the Ministry of Trade, Industry and Energy, the Ministry of Health and Welfare, and the Ministry of Food and Drug Safety.
Through this investment, MedInTech plans to focus on completing medical device regulatory approval within this year for its domestically produced flexible endoscope, which is expected to deliver a clear import substitution effect in the Korean endoscopy market that has been 100% dependent on foreign products. The company also plans to further advance various convenience-enhancing software technologies, including AI-based automatic lesion detection algorithms.
Chi-won Lee, CEO of MedInTech, stated, “While Korea’s gastrointestinal endoscopy expertise is among the best in the world, more than 90% of the endoscopes used in clinical practice are Japanese products, leaving many aspects that require improvement in real medical settings. We will overcome these limitations and strengthen our differentiated technologies to lead the field globally.”
Jae-woong Choi, Director at FuturePlay, commented, “Based on the strong background of the founding team, MedInTech completed preparations for commercialization within a very short period after founding, and is expected to receive KFDA approval this year. We proceeded with follow-on investment in anticipation that MedInTech will evolve into a medical robotics company, leveraging endoscopy technologies that can significantly reduce both procedure time and misdiagnosis.”
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- 플래텀: https://platum.kr/archives/180776
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- 글로벌경제: https://www.getnews.co.kr/news/articleView.html?idxno=572323
- 메디컬투데이: https://mdtoday.co.kr/news/view/1065571052890174
- 핀포인트뉴스: https://cnews.pinpointnews.co.kr/view.php?ud=202202140953047025f090c8dbcb_45
- 소셜밸류: https://www.socialvalue.kr/news/view/1065572308140207
- 매일경제: https://mirakle.mk.co.kr/view.php?year=2022&no=135923
- 뉴스웍스: https://www.newsworks.co.kr/news/articleView.html?idxno=590778
- 벤처스퀘어: https://www.venturesquare.net/848660
- 팍스넷뉴스: https://paxnetnews.com/articles/83721
- 머니투데이: https://news.mt.co.kr/mtview.php?no=2022021413492887073
- 전자신문: https://www.etnews.com/20220214000201
- 디지털투데이: http://www.digitaltoday.co.kr/news/articleView.html?idxno=434420
- 테크월드: http://www.epnc.co.kr/news/articleView.html?idxno=219896
- 로이슈: https://ccnews.lawissue.co.kr/view.php?ud=202202141527155830204ead0791_12
- IT조선: http://it.chosun.com/site/data/html_dir/2022/02/14/2022021401571.html
A startup developing smart endoscopes for gastrointestinal use, MedInTech, has secured KRW 8 billion in Series A funding from Atinum Investment, Smilegate Investment, and FuturePlay.
MedInTech is developing a smart endoscope that enhances physician convenience and reduces misdiagnosis by combining core technologies for the key components of flexible endoscopes—the endoscope scope, light source unit, and image processing system—with differentiated motorization modules and artificial intelligence algorithms, setting it apart from existing equipment.
MedInTech is a startup founded in 2020 by CEO Chi-won Lee and Vice President Myung-joon Kim, who had been conducting research on endoscopy-related technologies at the government-funded Korea Electrotechnology Research Institute (KERI). The co-founders combined fundamental motorization technologies for surgical robots, which they developed together during their graduate studies at Seoul National University, with KERI’s medical screening endoscopy technologies to develop a “next-generation medical endoscopy system” and secure related patents.
In particular, MedInTech’s technological capabilities were highly evaluated in this investment round, including its selection as the lead organization for a KRW 9.5 billion national R&D project under the Pan-Ministry Full-Cycle Medical Device Research and Development Program in 2021. This program is a government-led initiative designed to build advanced medical systems for the future healthcare environment of the Fourth Industrial Revolution, jointly administered by multiple ministries—the Ministry of Science and ICT, the Ministry of Trade, Industry and Energy, the Ministry of Health and Welfare, and the Ministry of Food and Drug Safety.
Through this investment, MedInTech plans to focus on completing medical device regulatory approval within this year for its domestically produced flexible endoscope, which is expected to deliver a clear import substitution effect in the Korean endoscopy market that has been 100% dependent on foreign products. The company also plans to further advance various convenience-enhancing software technologies, including AI-based automatic lesion detection algorithms.
Chi-won Lee, CEO of MedInTech, stated, “While Korea’s gastrointestinal endoscopy expertise is among the best in the world, more than 90% of the endoscopes used in clinical practice are Japanese products, leaving many aspects that require improvement in real medical settings. We will overcome these limitations and strengthen our differentiated technologies to lead the field globally.”
Jae-woong Choi, Director at FuturePlay, commented, “Based on the strong background of the founding team, MedInTech completed preparations for commercialization within a very short period after founding, and is expected to receive KFDA approval this year. We proceeded with follow-on investment in anticipation that MedInTech will evolve into a medical robotics company, leveraging endoscopy technologies that can significantly reduce both procedure time and misdiagnosis.”
View the original article
- 플래텀: https://platum.kr/archives/180776
- 파이낸셜뉴스: https://www.fnnews.com/news/202202140819385555
- 글로벌경제: https://www.getnews.co.kr/news/articleView.html?idxno=572323
- 메디컬투데이: https://mdtoday.co.kr/news/view/1065571052890174
- 핀포인트뉴스: https://cnews.pinpointnews.co.kr/view.php?ud=202202140953047025f090c8dbcb_45
- 소셜밸류: https://www.socialvalue.kr/news/view/1065572308140207
- 매일경제: https://mirakle.mk.co.kr/view.php?year=2022&no=135923
- 뉴스웍스: https://www.newsworks.co.kr/news/articleView.html?idxno=590778
- 벤처스퀘어: https://www.venturesquare.net/848660
- 팍스넷뉴스: https://paxnetnews.com/articles/83721
- 머니투데이: https://news.mt.co.kr/mtview.php?no=2022021413492887073
- 전자신문: https://www.etnews.com/20220214000201
- 디지털투데이: http://www.digitaltoday.co.kr/news/articleView.html?idxno=434420
- 테크월드: http://www.epnc.co.kr/news/articleView.html?idxno=219896
- 로이슈: https://ccnews.lawissue.co.kr/view.php?ud=202202141527155830204ead0791_12
- IT조선: http://it.chosun.com/site/data/html_dir/2022/02/14/2022021401571.html