Medical AI startup AITRICS recently raised 27.1 billion won ($20.1 million) in a Series B funding round. The fundraising event attracted participation from existing and new investors including Premier Partners, BNH Investment, BSK Investment, Bonum Investment, DS Investment & Securities, Ulmers Investment, HB Investment, Shinyoung Securities, and HRZ.
This is in addition to the 3.5 billion won ($2.6 million) raised in the pre-Series B round in 2021. To date, the company has raised a total of 38.1 billion won ($28 million).
function
Founded in 2016, AITRICS vital care, that A flagship medical software that uses AI to predict a patient's likelihood of deterioration. It extracts 19 types of data from the EMR, including six vital signs, 11 blood test results, patient state of consciousness, and age, to provide early notification of conditions that could lead to sepsis, death, or cardiac arrest.
What is it for?
A portion of the proceeds from the funding round will go toward efforts to obtain clearance from the U.S. Food and Drug Administration, which will serve as the foundation for Com.Panny's Overseas expansion. Funds will also be used to introduce new products.
AITRICS' first foray into the United States was Partnership with Cleveland Clinic In 2020, they validated Vital Care, aiming to improve its accuracy in detecting patient deterioration by leveraging a private hospital system's database.
CEO Gwang-Jun Kim said in a statement: „Through this investment, the company aims to further strengthen its medical AI research by expanding its professional talent pool and continue the company's growth by developing new pipelines. I aim to do so.''
bigger trends
AITRICS received vital care approval from the Korean Ministry of Food and Drug Safety (MFDS) in 2022. It was also recognized by the MFDS as an Innovative Medical Device Manufacturer earlier this year, giving it support for rapid commercialization, including exemptions from certain data requirements. .
Vital Care is currently being used in approximately 40 hospitals across South Korea, including the Eun Sung Medical Foundation's Good Hospitals and Gangnam Severance Hospital.
This year, AITRICS signed a joint research agreement with Korea University Anam Hospital and Chung-Ang University Hospital, aiming to publish research papers and utilize AITRICS' AI software to improve their respective medical services. The company also has a research partnership with Asan Medical Center, the largest hospital in the country, and is working on developing diagnostic technology for critically ill patients and conducting clinical trials on vital care using data from Asan.
Additionally, we recently partnered with Philips Korea to develop and help improve an AI-based CDSS solution for intensive care units. the patient's chance of survival.
In other related news, American diagnostic company sight veilThe company also offers a test that can detect sepsis early, and raised $84 million in a Series C funding round in November.