MedInTech attracts $14.6 mn series B investment

MedInTech Inc., South Korea's medical smart endoscopes startup, announced on Monday that it attracted a series B investment of 20 billion won ($14.6 million).

The latest investment comes from existing investors including Atinum Investment, FuturePlay, Smilegate Investment, and Nextrans, along with new investors such as Industrial Bank of Korea, SL Investment, Hana Ventures, Wooshin Venture Investment, and SCL Investment.

Founded in 2020 by CEO Lee Chi-won and Vice President Kim Myung-joon, who were researching endoscopy-related technologies at the state-funded Korea Electrotechnology Research Institute, MedInTech has developed an electric endoscope that is more intuitive and 50% lighter than conventional endoscopes, leveraging medical robot technology.

The company also possesses technologies such as anomaly detection software based on artificial intelligence to enhance physician convenience and reduce misdiagnosis.

MedInTech plans to launch its electric digestive endoscopy system, which has obtained Class 2 medical device approval, and anomaly detection software, into the market this year. Clinical trials are also underway with Seoul National University Hospital.

The proceeds from the investment will be used to establish a mass production system through development and overseas expansion.

Following a seed investment in 2020 and a series A investment of 8 billion won ($5.8 million) in 2022, MedInTech has now secured cumulative investments exceeding 28 billion won ($20.5 million) including this series B investment.

Write to Kang-Ho Jang at callme@hankyung.com