MediInTech Completes Series B Funding Round of 20 Billion KRW

Atinum Investment, Futureplay, Smilegate Investment, Nextrans Follow-on Investment
IBK, SL Investment, Hana Ventures, Samchully Investment, Wooshin Venture Investment New Investment

Medintech, a startup developing medical smart endoscopes, announced on the 13th that it has secured 20 billion KRW in Series B funding.

This round of investment was led by existing investors Atinum Investment, FuturePlay, Smilegate Investment, and Nexttrans, with new investors including IBK Industrial Bank, SL Investment, Hana Ventures, Wooshin Venture Investment, and Samchully Investment participating. Following the seed funding in 2020 and the 8 billion KRW Series A funding in 2022, the total cumulative investment now exceeds 28 billion KRW, including this Series B round.

Medintech was founded in 2020 by CEO Chiwon Lee and Vice CEO Myungjun Kim, who were researching endoscope-related technologies at the Korea Electrotechnology Research Institute, a government-funded research institute. Based on medical robot technology, their product is more intuitive and convenient compared to conventional endoscopes. They have also developed a motorized endoscope that is 50% lighter. Additionally, Medintech possesses software technologies and products that enhance physician convenience and reduce misdiagnosis, such as abnormality detection software based on artificial intelligence technology.

Medintech plans to make a full-scale market entry within the year, leveraging its motorized gastrointestinal endoscope system, which has obtained Class II medical device approval, and its abnormality detection software. They aim to accelerate market entry through clinical trials conducted with Seoul National University Hospital. The company plans to further enhance various AI-based convenience software technologies to maximize the convenience and effectiveness of the motorized endoscope system.

Medintech intends to use the investment funds to establish a mass production system through development for mass production and to support overseas expansion. Atinum Investment stated, “Medintech has developed the world’s first next-generation gastrointestinal endoscope system based on motorized control technology. It demonstrates high differentiation in both hardware and software compared to existing global competitors, going beyond simple localization,” adding, “With development and regulatory approval completed, strong sales performance is expected.”

CEO Chiwon Lee of Medintech said, “We aim to address the issues of mechanical flexible endoscopes, which have not improved for over 50 years, through medical robot technology and artificial intelligence,” and added, “Medintech’s goal is to deliver medical devices that provide convenience to medical professionals and safety to patients to the global market.”