[Asia Economy Reporter Hyunseok Yoo] Ray announced on the 16th that it has signed a memorandum of understanding (MOU) with LifeSemantics for the tele-orthodontics business and non-face-to-face medical services.
This mutual cooperation is the fourth contract Ray has signed this year. Ray had already signed three major contracts in February. A company official stated, "It is a management strategy to take the lead in the rapidly growing global dental industry," adding, "It is a stepping stone to lead the future growth industry of digital dentistry."
Established in 2012, LifeSemantics Co., Ltd. operates telemedicine services Dr.Call, digital therapeutics Redpill, and B2B and B2C medical MyData businesses based on the digital health technology platform LifeRecord, which utilizes medical information technology and artificial intelligence (AI) technology.
To expand the transparent orthodontics business into a telemedicine business, Ray made a strategic investment in LifeSemantics in 2020 and currently holds the position of the second-largest shareholder. The company explained that this mutual cooperation is an extension of the strategic investment made in 2020. The two companies have agreed to promote telemedicine and orthodontic treatment customer management businesses in the dental field and plan to exchange core resources of each company for joint service design, construction, and operation. To this end, they plan to utilize LifeSemantics' digital health technology platform and telemedicine services as well as Ray's dental orthodontic treatment platform.
Song Seungjae, CEO of LifeSemantics, said, “There is no solution connecting dental clinics and patients domestically,” adding, “Based on our know-how in telemedicine services and medical MyData, we will create a successful reference for the digital health business in the dental field.”
Lee Sangcheol, CEO of Ray, said, “In the future, the telemedicine business will have a significant impact not only on the medical community but also on the dental industry,” adding, “How telemedicine is utilized will determine the company’s growth.”
He emphasized, “Ray has been preparing for the upcoming era of telemedicine and getting ready for the future. This business agreement with LifeSemantics signals the full-scale launch of telemedicine services in the dental field, and as a leading company in digital therapeutic solutions, we will lead the tele-dental care sector.”
Meanwhile, LifeSemantics is scheduled to be listed on the KOSDAQ market on the 23rd. The institutional investor demand forecast held on the 8th and 9th recorded a participation competition rate of 1,402.17 to 1. The public subscription for general investors on the 11th and 12th of the same month recorded a competition rate of 1,774.57 to 1. The company explained that this reflects investors’ positive outlook on market expansion, favorable policies, performance growth prospects, and entry into the rapidly growing digital therapeutics market.
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