AIDOT, an AI-based medical ICT company led by CEO Jung Jae-hoon, announced on the 31st that it has completed the establishment of Shenzhen Baozibo Intelligent Medical Technology Co., Ltd. (深圳宝之铂智慧医疗科技有限公司) in Shenzhen, China.

AIDOT plans to expand its services across China by commencing full-scale exports of its AI-based cervical cancer interpretation system, “Cerviray AI,” while building a stable system infrastructure supported by S-Net Systems’ server technology.

The joint venture in the Shenzhen region was established through joint investment with AIDOT’s existing Chinese partner, Shenzhen Zhongbai Doctor Group Co., Ltd. (深圳中柏大医生集团有限公司). The project represents the resumption of a business initiative that had been temporarily put on hold following the U.S.–China trade war in 2018.

While pursuing its China business as an incubated company of the Incheon Center for Creative Economy & Innovation in 2018, AIDOT built strong relationships with local partners and has continued close communication through the center’s ongoing support. Industry observers note that the successful establishment of the joint venture was made possible by these solid partnerships.

The joint venture was founded with active material and financial support from the Shenzhen municipal government, which provided office space and partial funding for business operations.

According to AIDOT, Cerviray AI represents the first case in which a Korean AI medical solution has entered the Chinese market in earnest, with the support of provincial governments, to help combat cervical cancer among local women. AIDOT views this export as a strategic foothold for future exports of its personalized stroke solution, which combines AI-based carotid ultrasound and genomic analysis services.

Currently, AIDOT has completed manuals and training programs in preparation for entering the Chinese market together with its exclusive colposcope partner, the Swedish company Genius. In addition, to ensure stable AI-based remote medical services across China, AIDOT received investment in a Beijing-based server system from S-Net Systems’ China subsidiary and completed system construction and testing in collaboration with local development personnel.

AIDOT also explained that, through an industrial advisory agreement with the Korea University Industry-Academic Cooperation Foundation, Korean medical professionals—led by Professor Song Jae-yoon’s team from the Department of Obstetrics and Gynecology at Korea University Anam Hospital—will provide remote consultation services to the global market. This has given leading Korean medical experts an opportunity to demonstrate their clinical expertise first in the Chinese market.

Building on these successful overseas expansion cases, AIDOT has completed GMP certification in Korea in preparation for re-entering the domestic market. The company is currently signing contracts with domestic partners, aiming to obtain approval from the Korea Food and Drug Administration (KFDA) in early 2021.

CEO Jung Jae-hoon stated, “The realization of our China business was somewhat delayed due to various domestic investment conditions, but fortunately it has been successfully completed. This has instead enabled faster decision-making through stable management control, allowing us to pursue successful global expansion going forward.”

He added, “In Europe, clinical trials are already underway in Sweden and Norway together with our Swedish partner Genius, and an EU-level adoption review is expected to follow soon. We have also received expressions of interest from Southeast Asia and the Middle East, and negotiations on terms are currently being finalized.”

CEO Jung further emphasized, “The value of a startup is not determined by how much investment it has received, but by how much revenue it proves in the global market.” Criticizing views that focus solely on investment recovery after a technology-based listing, he added, “As the only company in Korea offering an AI-based image interpretation solution, AIDOT will maximize exports and demonstrate quantum-jump growth in revenue.”

August 31, 2020, 11:28:39
Robot Newspaper / Reporter Park Kyung-il (robot@irobotnews.com)