An artificial intelligence (AI)-based digital healthcare company, Exosystems has announced that it has secured $3.9 million in a Series A funding round led by SBI Investment, Laguna Investment, and Korea Technology Finance Corporation. The company has generated a total of $4.5 million in funding with the addition of the new investment. Exosystems intends to use the recent investments to strengthen clinical and technological capabilities to further develop the company’s technologies and international operations.
Exosystems CEO Lee Hoo-man, said, “Exosystems will be able to secure competitiveness in the overseas markets because of its unique technology that analyzes digital biomarkers and provides behavioral intervention protocol based on scientific evidence.”
Exosystems offers a digital care solution that includes a wearable medical device and a connected user app that allows patients in neurorehabilitation or with musculoskeletal problems to track their health and receive appropriate therapy. The wearable sensor analyses digital biomarkers related to musculoskeletal problems and provides exercise or electrical stimulation therapy recommendations via digital treatment software with behavioral intervention components.
SBI Investment Team Lead Lee Joo-hyuk, said, “Exosystems is a company with both AI software and hardware technology, and it makes products in the digital healthcare field that can be commercialized. Providing continuous monitoring and treatment outside the hospital is a critical factor in future medical care, and we expect Exosystems to bring about digital innovation not only to musculoskeletal healthcare but to all aspects of people’s health and lives.”
The clinical study undertaken in collaboration with Seoul National University Bundang Hospital and other notable Korean medical institutes has validated Exosystems’ technology. The Korean Ministry of Food and Drug Safety, as well as the CE-MDD (Medical Devices Directive) in Europe, have given their approval to the device and its technology.
Exosystems’ technology and growth prospects were recently recognized when the company was chosen for a $5 million government-funded R&D project. The Korean Ministry of Food and Drug Safety has approved the company’s digital healthcare technology.