Elecsell, a KIST startup developing a medical device for chronic wound treatment based on electrical stimulation, announced on the 23rd that it has been finally selected for the Fast Track in the Deep Tech TIPS program, a private investment-led technology startup support program hosted by the Ministry of SMEs and Startups.
The Deep Tech TIPS program supports innovative startups based on advanced technology by selecting companies in which private investors have invested more than 300 million KRW, providing up to 1.7 billion KRW in research and development (R&D) funding.
Founded in March, Elecsell participated in the initial venture nurturing program ‘SYNERGY TIPS Linked Startup 1st Cohort’ by Synergy IB Investment, a startup technology finance company, securing investment and proceeding with Deep Tech TIPS. It was selected for the Fast Track, exempting the second evaluation, by demonstrating excellent technology and marketability in the first evaluation.
Han Hyungseop, CEO of Elecsell, currently a principal researcher at KIST, leads the company using the concurrent position system with technology developed at KIST. Elecsell developed a chronic wound treatment device that can treat chronic wounds such as diabetic foot, pressure ulcers, and burns by combining source technologies of regenerative energy mimicking secretion function and reactive oxygen species removal materials.
This technology, developed with support from KIST’s major projects, is expected to become a good precedent for applying research outcomes from government-funded research institutes to the bioindustry. Currently, Elecsell is accelerating the acquisition of certification from the Ministry of Food and Drug Safety through collaboration with top domestic research institutions and tertiary general hospitals.
Additionally, Elecsell plans to commercialize a sarcopenia prevention platform based on electrical stimulation cell activation source technology, which showed excellent effects in preventing sarcopenia and improving walking function in animal experiments recently conducted at the Neurosurgery Laboratory of Seoul Asan Medical Center.
Han Hyungseop, CEO of Elecsell, stated, “The Deep Tech TIPS project is an important first step in realizing Elecsell’s vision. We will do our best to accelerate the commercialization of our new technology through applications for innovative medical device designation and successfully enter the global market.”
Meanwhile, Elecsell is preparing for the next investment round to intensify its business efforts aimed at commercializing innovative bio-medical technology and providing solutions to patients suffering from injuries, diseases, and chronic conditions.
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