'DTx' Welt Raises 14 Billion KRW in Series C... Total Funding Reaches 28 Billion KRW

Digital therapeutics (DTx) company Welt announced on the 26th that it has successfully raised 14 billion KRW in Series C funding.

Welt's digital therapeutic device (DTx) for insomnia, SleepQ
[Photo by Welt]

This Series C funding round was led by Invisioning Partners, with participation from ▲Korea Development Bank ▲IMM Investment ▲Shinhan Venture Investment ▲Handok. The cumulative investment amount has reached 28 billion KRW, and the company plans to proceed with IPO preparations, including selecting an underwriter.

Welt is recognized as a leading domestic company in the DTx industry. SleepQ, a DTx for insomnia approved by the Ministry of Food and Drug Safety in April last year, began its first non-reimbursed prescription in Korea on the 12th. Along with Handok as a commercialization partner, Welt plans to actively commercialize the product this year, including temporary listing. Handok has participated as a strategic investor (SI) not only in this Series C but also in the previous Series B round.

Welt also plans to accelerate its global expansion starting with Germany this year. In February, it became the first Asian company to form a partnership with the German Digital Health Association, and is currently preparing local clinical trials through research agreements with major medical schools in Germany. The European markets, including Germany and France, already have established reimbursement systems for DTx, and it is known that 600,000 DTx prescriptions are issued annually in Germany.

Kang Sung-ji, CEO of Welt, said, “Through this investment, we will further accelerate domestic commercialization and speed up R&D of our pipeline and global expansion. The experience and insights of the newly joined investors will greatly contribute to Welt’s growth.”

Cha Ji-eun, partner at lead investor Invisioning Partners, said, “There is increasing social demand for digital healthcare solutions that contribute to ultimate treatment beyond auxiliary health management tools. We expect Welt to contribute by distributing clinically proven DTx, improving accessibility to cognitive behavioral therapy, and reducing social costs caused by drug side effects, treatment abandonment, or failure.”