AIDOT, an AI-based medical company (CEO Jeong Jae-hoon), announced on the 20th that it has completed a Series A funding round worth KRW 3 billion from Korea Investment & Securities and Fine Value Asset Management.

Through this, AIDOT has gained momentum to speed up its ongoing domestic and overseas medical device certifications and has effectively “added a booster” for exports.

Since its founding in June 2014, the company has been recognized for its technological capabilities—being selected as an incubated company by KIC China and the Incheon Center for Creative Economy & Innovation, and being chosen for various government programs. It has developed and completed the world’s first AI cervical cancer diagnostic system, “Cerviray,” as well as “SonoDot AI,” a carotid diagnostic system for stroke prevention, and is pushing toward commercialization. It is also in the final stages of developing AI diagnostic systems across all areas of gastroenterology.

In addition, it has been selected as an operator for the HIRA demonstration special-provisions project and as a Gangwon Province regulatory free-zone project operator, and is developing an AI ureteral stone system and an AI early liver disease pre-diagnosis system, further targeting the global market.

All products that AIDOT has completed to date were successfully finalized through government R&D projects. The company said this investment is like adding a booster for commercialization aimed at global exports. In particular, the Cerviray system is additionally entering the Indonesian market through an exclusive contract with a major domestic company.

AIDOT also said that partnership requests are pouring in not only from Southeast Asia but also from companies in Russia and India.

An AIDOT representative said, “We are pleased that, through this investment, we can aggressively pursue exports that had been delayed due to a lack of marketing funds for overseas expansion,” adding, “Soon, we will see AI-integrated medical device solutions—together with Korea’s outstanding medical professionals—take the No. 1 position in the global market. Through this, we will solidify our standing as a global company based on strong export performance.”

CEO Jeong Jae-hoon said, “I believe this successful Series A funding serves as additional objective validation of AIDOT’s business performance and technological capabilities. With Silicon Valley investment institutions also reaching out as a result, we plan to work closely with the investors in this round to consider additional overseas fundraising,” adding, “Along with pursuing a domestic KOSDAQ listing based on revenue performance, an overseas listing may also be considered. As a company that has researched and grown with public funds, we will grow into a company that sets the right example for the development of Korea’s medical AI industry.”

Published: August 20, 2021 / AI Times / Reporter Jeon Mi-jun