Medicloud Officially Begins Procedures for KOSDAQ IPO Next Year

BTuen, an AI and big data specialized company, announced on the 29th that Medicloud, a genome analysis biotech company in which it has invested shares, has officially begun the IPO (Initial Public Offering) process.

The company is currently conducting a mock technical evaluation for KOSDAQ’s technology special listing and plans to submit a preliminary review application to the Korea Exchange for KOSDAQ listing as soon as all preparations are completed in 2024. It aims to actively pursue the IPO in the first half of next year. Shinhan Investment Corp. is the lead underwriter for the listing.

Medicloud, led by Research Director Lee Hyung-gi, is a leading company in the next-generation sequencing (NGS) field. Lee Hyung-gi holds a medical doctorate from Seoul National University and is one of the first-generation developers in domestic gene analysis and commercialization.

The company provides the ‘AKASIC’ app, allowing consumers to use services that predict diseases in advance through genetic testing without going through medical institutions (hospitals). It has attracted attention for offering test items that predict not only growth hormone deficiency and cognitive impairment but also neuropsychiatric disorders such as schizophrenia, which are not available from other genome analysis companies. It has also proven its technological excellence by achieving the top rating in domestic gene analysis specialized institution evaluations.

Additionally, Medicloud has completed market verification for its gut microbiome test kit and is accelerating efforts for commercial sales this year. The company has commercialized technology that upgrades the existing method of inserting a swab deep into the anus or using stool samples for specimen collection, enabling simple testing by just swabbing around the anus. This technology was developed in collaboration with Severance Hospital, with two patents filed for the core technology, and the research paper was published in the SCI(E)-level journal 'Applied Microbiology and Biotechnology.'

Recently, the company has also achieved remarkable results in the pet sector. XOOX LAB Inc., the maker of the U.S. pet-exclusive app ‘XOOX,’ launched a pet urine diagnostic kit app in collaboration with Korea’s Medicloud. They also plan to release an app integrating pet DNA and MBTI. The ‘XOOX’ app gained significant attention by launching on the 11th and conducting a campaign delivering messages to Oprah Winfrey, Elon Musk, and others.

Moreover, through the establishment of a U.S. affiliate, Medicloud signed an MOU with ‘Dana-Farber,’ the world’s largest cancer research institution teaching at Harvard Medical School and ranked among the world’s Top 6 cancer hospitals (US News & World Report). The goal is to expand global medical business using genome-based information.

A Medicloud representative stated, “Although we possess the world’s best technology in the next-generation sequencing (NGS) field, we are preparing for industry concerns that technology alone without sales is insufficient by planning to open our own online store to expand genetic analysis services.” They added, “We plan to supply services actively through both online and offline malls.”

A BTuen representative said, “Along with entering the global pet healthcare business through Medicloud, we plan to integrate AI-based DNA customized product recommendation algorithms into Medicloud’s ‘AKASIC’ app by leveraging BTuen’s AI technology.” They continued, “Based on genetic analysis results, we will recommend necessary supplements to individuals, providing genetically personalized health management programs for both humans and pets.”