Declaration of Localization in the Gastrointestinal Flexible Endoscope Field… KRW 8 Billion Series A Funding Secured
Improving Physician Convenience and Cancer Diagnostic Accuracy Through an ‘AI-Integrated Motorized Endoscope’
Dr. Chi-won Lee (left) and Dr. Myung-joon Kim of the Korea Electrotechnology Research Institute (KERI), co-founders of MedInTech Co., Ltd. Photo provided by KERI
A startup company MedInTech Co., Ltd., founded on technologies developed at the Korea Electrotechnology Research Institute (KERI), has declared the localization of flexible endoscope technology in the gastrointestinal field, which has long been dominated by Japanese manufacturers. The company has recently attracted significant attention after successfully securing KRW 8 billion in investment from professional venture capital firms in recognition of its high potential.
Endoscopes commonly used in clinical practice include a component called the scope, which is inserted into the human body. When the scope is thick and rigid, it is referred to as a rigid endoscope; when it is flexible and bends easily, it is known as a flexible endoscope. While flexible endoscopes significantly reduce patient discomfort, they have traditionally suffered from inferior image quality compared to rigid endoscopes, resulting in relatively lower diagnostic accuracy.
However, recent advancements in lens and monitoring technologies have largely overcome these limitations, and flexible endoscopes are now widely used in clinical settings, particularly for lesion diagnosis in the gastrointestinal system.
The problem is that 100% of gastrointestinal flexible endoscopes used in Korean hospitals are imported, and 90% of them are Japanese products.
The ‘Smart Flexible Endoscope’ developed by MedInTech Co., Ltd., a KERI technology-based startup. Photo provided by KERI
MedInTech was established to address this situation and drive technological innovation in the flexible endoscope field. It is a technology-based startup founded by Dr. Chi-won Lee and Dr. Myung-joon Kim of KERI’s Electrical Convergence Human Care Research Center, based on the technologies and ideas they personally developed.
A key advantage of MedInTech’s “smart flexible endoscope,” developed entirely with domestic technology, is the adoption of a motorized control system, which significantly enhances user convenience. Previously, physicians had to manually control the up, down, left, and right movements of the scope to detect abnormalities inside the patient’s body, leading to high levels of fatigue and poor intuitiveness.
In contrast, the new technology allows physicians to maneuver the scope as if using a game joystick, holding a handle that weighs about half as much as existing commercial products and requiring only about half the finger force to operate.
Furthermore, conventional endoscopic examinations and treatments relied solely on images displayed on monitors, which could lead to blind spots or missed diagnoses depending on the clinician, resulting in misdiagnosis. MedInTech has addressed this issue by integrating an advanced artificial intelligence (AI) algorithm capable of automatically detecting abnormalities, reducing the misdiagnosis rate from approximately 30% to less than 5%. This achievement not only enables the localization of flexible endoscope equipment but also positions the company to lead the global market technologically.
This innovation is expected to be applied in the treatment of major cancers such as gastric and colorectal cancer, which are among humanity’s most serious health challenges. Since early diagnosis of gastrointestinal cancers yields survival rates exceeding 90%, the importance of endoscopy is exceptionally high.
The global market for gastrointestinal flexible endoscopes is estimated to be worth approximately KRW 5 trillion.
Dr. Chi-won Lee, CEO of MedInTech, stated, “While Korea’s medical expertise in gastrointestinal cancer treatment is among the best in the world, the reality is that our medical equipment is 100% dependent on imports from Japan and other countries. In Korea alone, more than 20 million endoscopic examinations and treatments are performed annually. If localization of this equipment is achieved, it will not only reduce social costs at the national level but also lead to further advancement of medical technology.”
Recognizing MedInTech’s high potential and technological excellence, three professional investment firms—Atinum Investment, Smilegate Investment, and FuturePlay—recently invested a total of KRW 8 billion in a Series A round. With this funding, MedInTech plans to further enhance the technology of its smart flexible endoscope and accelerate mass production and commercialization.
Meanwhile, KERI actively encourages technology startups that leverage outstanding research and development成果. In the case of MedInTech, KERI provided various forms of support throughout the startup process, including licensing of patent rights, support for the use of institute-owned assets, and approval for concurrent roles of researchers as founders. Through these efforts, KERI aims to prevent promising technologies from becoming dormant, promote practical commercialization, and contribute to national and social development.
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- 부산일보: http://www.busan.com/view/busan/view.php?code=2022021506451821410
- 아이뉴스24: https://www.inews24.com/view/1451500
- 전기신문: https://www.electimes.com/news/articleView.html?idxno=300393
- 워크투데이: http://www.worktoday.co.kr/news/articleView.html?idxno=22472
- 파이낸셜뉴스: https://www.fnnews.com/news/202202150917139184
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- 헤럴드경제: http://news.heraldcorp.com/view.php?ud=20220215000442
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- 신소재경제: http://amenews.kr/news/view.php?idx=47728
- 에너지데일리: http://www.energydaily.co.kr/news/articleView.html?idxno=125721
- 뉴시스: https://newsis.com/view/?id=NISX20220215_0001759885&cID=10812&pID=10800
- 중앙일보: https://www.joongang.co.kr/article/25048368
- 메트로신문: https://www.metroseoul.co.kr/article/20220215500125
- 투데이에너지: http://www.todayenergy.kr/news/articleView.html?idxno=245327
- 경남매일신문: http://www.gnmaeil.com/news/articleView.html?idxno=489634
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- 머니투데이: https://news.mt.co.kr/mtview.php?no=2022021414062432430
- 헬로티: https://www.hellot.net/news/article.html?no=65776
- 경남신문: http://www.knnews.co.kr/news/articleView.php?idxno=1370380
- 일요신문: https://ilyo.co.kr/?ac=article_view&entry_id=422766
- 아시아경제: https://view.asiae.co.kr/article/2022022106574989314
- 브레인미디어: https://www.brainmedia.co.kr/MediaContent/MediaContentView.aspx?MenuCd=BRAINSCIENCE&contIdx=22467
Declaration of Localization in the Gastrointestinal Flexible Endoscope Field… KRW 8 Billion Series A Funding Secured
Improving Physician Convenience and Cancer Diagnostic Accuracy Through an ‘AI-Integrated Motorized Endoscope’
Dr. Chi-won Lee (left) and Dr. Myung-joon Kim of the Korea Electrotechnology Research Institute (KERI), co-founders of MedInTech Co., Ltd. Photo provided by KERI
A startup company MedInTech Co., Ltd., founded on technologies developed at the Korea Electrotechnology Research Institute (KERI), has declared the localization of flexible endoscope technology in the gastrointestinal field, which has long been dominated by Japanese manufacturers. The company has recently attracted significant attention after successfully securing KRW 8 billion in investment from professional venture capital firms in recognition of its high potential.
Endoscopes commonly used in clinical practice include a component called the scope, which is inserted into the human body. When the scope is thick and rigid, it is referred to as a rigid endoscope; when it is flexible and bends easily, it is known as a flexible endoscope. While flexible endoscopes significantly reduce patient discomfort, they have traditionally suffered from inferior image quality compared to rigid endoscopes, resulting in relatively lower diagnostic accuracy.
However, recent advancements in lens and monitoring technologies have largely overcome these limitations, and flexible endoscopes are now widely used in clinical settings, particularly for lesion diagnosis in the gastrointestinal system.
The problem is that 100% of gastrointestinal flexible endoscopes used in Korean hospitals are imported, and 90% of them are Japanese products.
The ‘Smart Flexible Endoscope’ developed by MedInTech Co., Ltd., a KERI technology-based startup. Photo provided by KERI
MedInTech was established to address this situation and drive technological innovation in the flexible endoscope field. It is a technology-based startup founded by Dr. Chi-won Lee and Dr. Myung-joon Kim of KERI’s Electrical Convergence Human Care Research Center, based on the technologies and ideas they personally developed.
A key advantage of MedInTech’s “smart flexible endoscope,” developed entirely with domestic technology, is the adoption of a motorized control system, which significantly enhances user convenience. Previously, physicians had to manually control the up, down, left, and right movements of the scope to detect abnormalities inside the patient’s body, leading to high levels of fatigue and poor intuitiveness.
In contrast, the new technology allows physicians to maneuver the scope as if using a game joystick, holding a handle that weighs about half as much as existing commercial products and requiring only about half the finger force to operate.
Furthermore, conventional endoscopic examinations and treatments relied solely on images displayed on monitors, which could lead to blind spots or missed diagnoses depending on the clinician, resulting in misdiagnosis. MedInTech has addressed this issue by integrating an advanced artificial intelligence (AI) algorithm capable of automatically detecting abnormalities, reducing the misdiagnosis rate from approximately 30% to less than 5%. This achievement not only enables the localization of flexible endoscope equipment but also positions the company to lead the global market technologically.
This innovation is expected to be applied in the treatment of major cancers such as gastric and colorectal cancer, which are among humanity’s most serious health challenges. Since early diagnosis of gastrointestinal cancers yields survival rates exceeding 90%, the importance of endoscopy is exceptionally high.
The global market for gastrointestinal flexible endoscopes is estimated to be worth approximately KRW 5 trillion.
Dr. Chi-won Lee, CEO of MedInTech, stated, “While Korea’s medical expertise in gastrointestinal cancer treatment is among the best in the world, the reality is that our medical equipment is 100% dependent on imports from Japan and other countries. In Korea alone, more than 20 million endoscopic examinations and treatments are performed annually. If localization of this equipment is achieved, it will not only reduce social costs at the national level but also lead to further advancement of medical technology.”
Recognizing MedInTech’s high potential and technological excellence, three professional investment firms—Atinum Investment, Smilegate Investment, and FuturePlay—recently invested a total of KRW 8 billion in a Series A round. With this funding, MedInTech plans to further enhance the technology of its smart flexible endoscope and accelerate mass production and commercialization.
Meanwhile, KERI actively encourages technology startups that leverage outstanding research and development成果. In the case of MedInTech, KERI provided various forms of support throughout the startup process, including licensing of patent rights, support for the use of institute-owned assets, and approval for concurrent roles of researchers as founders. Through these efforts, KERI aims to prevent promising technologies from becoming dormant, promote practical commercialization, and contribute to national and social development.
View the original article
- 부산일보: http://www.busan.com/view/busan/view.php?code=2022021506451821410
- 아이뉴스24: https://www.inews24.com/view/1451500
- 전기신문: https://www.electimes.com/news/articleView.html?idxno=300393
- 워크투데이: http://www.worktoday.co.kr/news/articleView.html?idxno=22472
- 파이낸셜뉴스: https://www.fnnews.com/news/202202150917139184
- 노컷뉴스: https://www.nocutnews.co.kr/news/5707275
- 헤럴드경제: http://news.heraldcorp.com/view.php?ud=20220215000442
- 전자신문: https://www.etnews.com/20220215000096
- 신소재경제: http://amenews.kr/news/view.php?idx=47728
- 에너지데일리: http://www.energydaily.co.kr/news/articleView.html?idxno=125721
- 뉴시스: https://newsis.com/view/?id=NISX20220215_0001759885&cID=10812&pID=10800
- 중앙일보: https://www.joongang.co.kr/article/25048368
- 메트로신문: https://www.metroseoul.co.kr/article/20220215500125
- 투데이에너지: http://www.todayenergy.kr/news/articleView.html?idxno=245327
- 경남매일신문: http://www.gnmaeil.com/news/articleView.html?idxno=489634
- 쿠키뉴스: http://www.kukinews.com/newsView/kuk202202150265
- 경남도민일보: http://www.idomin.com/news/articleView.html?idxno=786051
- 머니투데이: https://news.mt.co.kr/mtview.php?no=2022021414062432430
- 헬로티: https://www.hellot.net/news/article.html?no=65776
- 경남신문: http://www.knnews.co.kr/news/articleView.php?idxno=1370380
- 일요신문: https://ilyo.co.kr/?ac=article_view&entry_id=422766
- 아시아경제: https://view.asiae.co.kr/article/2022022106574989314
- 브레인미디어: https://www.brainmedia.co.kr/MediaContent/MediaContentView.aspx?MenuCd=BRAINSCIENCE&contIdx=22467