Orange Biomed Selected as 'First Penguin' Company by Korea Credit Guarantee Fund

Orange Biomed, a venture company developing microfluidics-based glycated hemoglobin measurement medical devices, announced on the 7th that it has been selected as a ‘First Penguin’ company under the Korea Credit Guarantee Fund (KODIT)’s innovative startup guarantee system and will receive up to 1.5 billion KRW in credit guarantees.

Go Ung-hyun and Park Ye-seul, co-CEOs of Orange Biomed (third from the left), are taking a commemorative photo for being selected as First Penguin Companies.
[Photo by Orange Biomed]

KODIT’s First Penguin program is a representative startup support system that comprehensively evaluates entrepreneurial spirit, creative ideas, and technological capabilities to guarantee and support innovative companies expected to grow into unicorns in the future.

Orange Biomed is developing an in vitro diagnostic medical device for glycated hemoglobin measurement called 'OBM Rapid A1c' for diabetes management and complication prevention. Glycated hemoglobin (HbA1c) must be tested periodically every three months if a person has diabetes, and it is an important measurement indicator that shows the average blood sugar control status over the past 2 to 3 months.

Park Yesul, CEO of Orange Biomed, said, “Being selected as a First Penguin recognizes Orange Biomed’s technological capabilities and business potential. We are preparing for approval from the U.S. Food and Drug Administration (FDA) next year, and in the near future, we aim to enable anyone to easily and accurately measure glycated hemoglobin anytime and anywhere and prevent diabetic complications.”

Orange Biomed has secured a cumulative investment of 5.1 billion KRW up to the Pre-A round. In July, it was also selected for the ‘Scale-up TIPS’ program, targeting promising technology-intensive small and medium ventures by the Ministry of SMEs and Startups.

Meanwhile, Orange Biomed plans to participate in ‘MEDICA 2023,’ the world’s largest medical device exhibition, held in D?sseldorf, Germany, from the 13th to the 16th.