[Power K-Women] "Healthcare Investment, Discovering Life-Saving Technologies as a Doctor's Extension"

The First Doctor-Turned Venture Capitalist
Moon Yeo-jeong, Managing Director at IMM Investment

Moon Yeo-jung, the first venture capitalist with a medical background and known as the 'godmother' of healthcare startups, believes it is crucial to distinguish between technologies that save lives and those that do not. One year before she shifted her career to become a venture capitalist, in 2015, she had a harrowing experience. At that time, she was asked to advise on a well-known company, Company A. It was introduced as a revolutionary technology?a cancer treatment drug administered directly to the liver.

However, Moon’s judgment was different. She said, "In my view, it was garbage," describing it as a complete mess. She recalled, "They said it was a cancer treatment drug administered directly to the liver, but the liver is hidden inside the rib cage, so the injection needle would have to be extremely long to reach it." She added, "Moreover, the liver is a tissue that bleeds profusely, so I saw it as a technology that could never be used on patients." She raised her voice, saying, "If you have ever seen a liver cancer patient, you would never develop a treatment like this," and "I get very angry when I see people selling technologies that cannot be used on patients." She especially emphasized, "If you develop drugs or technologies without considering the patient, you will be punished by heaven."

Munyeojeong Moon, Executive Director of Venture Investment Division 1 at IMM Investment.

From Obstetrician-Gynecologist to Venture Capitalist

Moon graduated from Yonsei University College of Medicine and completed her residency in obstetrics and gynecology at Severance Hospital in Sinchon. After earning a Ph.D. in pharmacology from Yonsei University Graduate School of Medicine and working for two years at Severance Hospital, she transformed into a venture capitalist in 2016.

She does not see her career path as completely unrelated. As a former doctor, investing in the healthcare industry is an extension of her medical profession. The experiences she gained through trial and error at a university hospital greatly helped her develop the insight to select and invest in digital healthcare companies.

A prime example is Lunit, a medical artificial intelligence (AI) company she discovered. Lunit possesses technology that analyzes radiological images with AI to diagnose the presence or absence of cancer. Moon said, "There was a case where a patient came in for an appendectomy, but during preoperative tests, early-stage lung cancer was detected and cured," adding, "I feel truly rewarded every time that happens." She also expressed pride and satisfaction in doing work that she loves, excels at, the world needs, and that is financially viable. She finds it fulfilling that her work positively impacts society.

She believes healthcare technology will benefit humanity even more. This is why she dedicates herself to channeling funds into beneficial technologies, which is also the essence of her work. Moon said, "If technologies like surgical navigation, digital therapeutics for insomnia, and software that can diagnose pediatric autism early become commercialized, they will greatly help not only doctors but also ordinary people."

"I am the person who keeps things moving"

Born in 1979, Moon said she was a somewhat unique girl from a young age. Rather than being a class president, she was more the 'vice president' or 'treasurer' type. She had a loud voice, liked to meddle in others’ affairs, had many close friends, but never became class president?always the 'right hand of the president.' She said she does not regret it, mainly because she considers herself "the person who keeps things moving." She laughed, saying, "If you make me treasurer, I collect money best; if you ask me to send texts, I send them all; if you say let's eat together, I book the restaurant?I'm good at these things."

Her transformation from doctor to venture capitalist was driven by curiosity about life outside the hospital. She wanted to do something other than being a doctor. She has no desire to return to the hospital because she is doing work that benefits the world. In fact, she said, "It’s been almost nine years since I left the hospital, and I look forward to the next ten years even more." She added, "People sometimes say I abandoned my medical career, but it actually laid the foundation that allows me to invest better."

As a so-called 'busybody' and 'professional meddler,' the role of venture capital analyst suited her perfectly. Moon explained, "Each investor has a slightly different style; some watch patiently, while others try to share their know-how as much as possible. I am the latter." She actively introduces other investors and scouts collaborators, using her resources to help grow the companies she invests in.

With this personality and conviction, the title of 'first' was more empowering than unfamiliar. Being the 'first venture capitalist with a medical background' brought her more opportunities. Moon explained, "By participating in government policy meetings, I came to understand why the government side is so much slower than the private sector." She said, "Understanding how budgets are formed, how services and projects proceed, and the flow of policies was a great opportunity from an investor’s perspective," adding, "Healthcare and the bio industry are heavily regulated areas, so this was especially helpful."

She said, "I believe my role is to constantly provide advice that can help policy from the private sector’s standpoint." She emphasized, "By acting as a bridge between the private sector and the government, helping the healthcare industry develop, and assisting people in the process, I find my work rewarding and a way to live without shame." She prides herself on having the insight to see how bio and healthcare can grow. She continuously explains and proposes the future of the bio healthcare industry as a new sector to government agencies and policymakers.

"If You Trust Them, They Grow Up Healthy"

She also feels a strong sense of responsibility as a 'role model' for female juniors. Like other fields, the investment analyst market generally has a high proportion of men. The female share among all analysts is about 7%, which led to the creation of the '7% Lunch Club.' Moon said, "When the 7% group was formed, there were only about 20 to 30 female analysts, but now there are over 200, and many have gotten married and had children." She added, "Currently, women make up about 12 to 13% of the roughly 2,000 total analysts." Moon also said, "I recently serve as an outside director at a major securities firm and was invited to the World Women’s Board, where I met many outstanding female leaders," adding, "When young women ask me to be their role model, I feel an immense sense of responsibility."

She has not only saved patients and grown the healthcare industry but is also a 'working mom' with one daughter and two sons. Moon laughed, saying, "I have always liked children, and as an obstetrician-gynecologist, having children was not particularly difficult." As a doctor turned venture capitalist and mother of three, she said, "Above all, if you trust them, they grow up healthy."

Moon Yeo-jeong, Executive Director, Venture Investment Division 1, IMM Investment.

Who is Moon Yeo-jung, Executive Director at IMM Investment?

Moon Yeo-jung graduated from Yonsei University College of Medicine and completed her residency in obstetrics and gynecology at Severance Hospital in Sinchon. She also earned a Ph.D. in pharmacology from the same university. After working at the hospital for two years, she transformed into a venture capitalist in 2016. She currently works as a fund manager at IMM Investment, the largest venture capital firm in Korea. Besides Lunit, she has invested in healthcare companies such as Welt and Hutom, as well as bio companies like Qurocell and Orum Therapeutics. She is also a mother of one daughter and two sons.