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SkyLabs wraps up $20 mn Series B round; eyes 2022 listing

May 17, 2021 (Gmt+09:00)

Sky Labs' ring-type heart rhythm monitoring device, CART-I. (Courtesy of Sky Labs)
Sky Labs' ring-type heart rhythm monitoring device, CART-I. (Courtesy of Sky Labs)

South Korea-based healthcare startup SkyLabs has wrapped up its 22.5 billion won ($20 million) Series B round, with plans to focus on beefing up its business ahead of the initial public offering scheduled for next year.

The company received a pre-valuation of around 100 billion won in the latest funding, according to local media outlet The Bell on May 17.

Some of the company’s previous investors made follow-on investments, including Atinum Investment, Moru Asset Management and Soo Investment Capital. New investors included KB Investment, Korea Investment Partners and LB Investment. The company's total amount raised to date reaches 34.5 billion won.

SkyLabs has successfully commercialized its ring-type heart rhythm monitoring device, CART-I. The device monitors patients’ cardiac signals and helps detect atrial fibrillation, an irregular heartbeat that can lead to heart-related complications.

When a patient wears a CART-I ring, it observes the blood flow via photoplethysmograph (PPG) and detects abnormal pulse waves. The vital signs are collected and sent to cloud where artificial intelligence technology is used to detect atrial fibrillation. The analysis is then sent to the patient and the doctor.

CART-I has received approval from the country's Ministry of Food and Drug Safety and the CE mark in Europe.

Last November, domestic pharmaceutical firm Chong Kun Dang Pharmaceutical Corp. entered a 2.5 billion won deal with SkyLabs to sell CART-I and help boost commercialization. Chong Kun Dang also has the right of first offer for exports abroad such as Japan, China and India.

SkyLabs has also inked a deal with Germany-based medical device distribution company Titan Commerce Continental Services to secure a distribution network in Europe for its device.

Danbee Lee edited this article.

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