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TLDR:
Key Points:
- MedInTech receives a $14.6 million series B investment for its medical smart endoscopy technology.
- The investment comes from nine venture capital firms, including Atinum Investment.
MedInTech Inc., a South Korean medical smart endoscopes startup, secured a series B investment of $14.6 million. The funding was provided by both existing investors like Atinum Investment, FuturePlay, and Smilegate Investment, as well as new investors such as Industrial Bank of Korea and Hana Ventures. The company was founded in 2020 by Lee Chi-won and Kim Myung-joon, who developed an electric endoscope that is lighter and more intuitive than traditional endoscopes. Their technology leverages medical robot technology and anomaly detection software based on artificial intelligence.
MedInTech plans to launch its electric digestive endoscopy system in the market this year after obtaining Class 2 medical device approval. They are also conducting clinical trials with Seoul National University Hospital. The latest investment will be utilized for establishing mass production systems, development, and overseas expansion. With this series B funding, MedInTech’s total investments have now exceeded $20.5 million, following earlier seed and series A investments.
Overall, MedInTech’s innovative approach to medical technology, focus on improving physician convenience, and plans for market expansion make it a key player in the healthcare sector’s advancements.
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