Mediana "Expanding Medical AI... Implanting AI Brain into World-Class Patient Monitoring Devices"

Mediana is expanding its business into the AI medical field by partnering with Selvas AI and Selvas Healthcare.

Mediana, a global specialist company in patient monitors, automated external defibrillators (AEDs), body composition analyzers, and consumable catheters, announced on the 20th that it has signed a business cooperation and share transfer agreement with Selvas AI and Selvas Healthcare for artificial intelligence (AI) medical services.

Through the AI medical alliance and third-party allotment of paid-in capital, Selvas AI and Selvas Healthcare will acquire a 37.52% stake in Mediana. Selvas AI will become the largest shareholder of Mediana. The company explained that through this AI medical alliance among the three companies, they will become the largest AI medical innovation company in Korea, uniquely possessing both hardware technology competitiveness in medical devices and diagnostic equipment, as well as AI and software (SW) technologies.

A company representative stated, "The business cooperation agreement was pursued based on the consensus that building an alliance to integrate core competencies between medical devices and AI, SW technologies, and to expand the customer base is crucial for growing into an AI medical innovation company." They added, "By integrating the deep learning-based AI technology, AI recognition technology, IoT services, and medical diagnostic technology owned by the Selvas companies into our flagship patient monitors and other biomedical signal measurement and diagnostic-based medical devices, we plan to lead AI medical innovation such as AI remote healthcare and strengthen global competitiveness."

Selvas AI is recognized as a leading AI and voice recognition company, uniquely among Korean AI companies for successfully establishing a virtuous cycle through productization, commercialization, and monetization. Selvas Healthcare is the number one company in the domestic market for fully automatic blood pressure monitors and supplies not only blood pressure monitors but also body composition analyzers to markets in Korea, the United States, and Australia. Recently, it has also been preparing for the domestic business of Ultrasite’s AI cardiac ultrasound solution, which has received FDA approval in the U.S.

Gil Mun-jong, Chairman of Mediana, explained, "We proceeded with this under the judgment that the core competitiveness of future medical devices requires convergence with AI and SW technologies." He added, "Applying the AI and diagnostic technologies of the two Selvas companies to medical devices (HW) will not only enhance the competitiveness of medical devices but also create innovative added value in the AI medical field."

Mediana supplies global patient monitors, automated external defibrillators (AEDs), and medical consumables to the hospital market. Its patient monitors hold the number one market share domestically and are also supplied as ODM products to Medtronic, the world’s leading medical company. In January, Mediana completed a supply contract worth 11.5 billion KRW with Reliance Medical in the UK for automated external defibrillators. Sales are increasing in both global and domestic public sectors, including winning procurement bids from the Seoul Metropolitan Government. Last year, the company recorded sales of 68.3 billion KRW and operating profit of 10.6 billion KRW, and in the third quarter of this year, it posted cumulative sales of 60.9 billion KRW and operating profit of 8.5 billion KRW. Seventy-seven percent of total sales come from overseas markets.