Medical AI company AITRICS said Thursday that it has raised Series B funding totaling 27.1 billion won ($20.4 million) from nine Korean and foreign venture capital firms.
For the Series B round, existing investors like Premier Partners, BNH Investment, and BSK Investment made follow-on investments, while Boneum Investment, DS Investment and Securities, Ulmus Investment, HB Investment, Shinyoung Securities, and HRZ participated as new investors.
Founded in 2016, AITRICS is a medical artificial intelligence company specializing in vital signals that developed AITRICS-VC (VitalCare), an artificial intelligence solution for predicting patient deterioration.
AITRICS-VC is medical AI software that monitors the condition of hospital inpatients in real-time and predicts the deterioration of conditions such as sepsis, death, and cardiac arrest at an early stage. VitalCare analyzes 19 comprehensive data from EMRs, including six vital signs, 11 blood test results, patient consciousness, and age, to more accurately predict patient abnormalities early.
VitalCare was approved by the Ministry of Food and Drug Safety in October 2022 and has since been used as a non-reimbursement service under a moratorium on new medical technology evaluation by the Ministry of Health and Welfare. It has been introduced to more than 40 hospitals in Korea, including Eunsung Medical Foundation Good Hospitals, Gangnam Severance Hospital, Korea University Anam Hospital, and Guro Hospital.
The company plans to use the new funds to upgrade its technology, develop new products, and obtain U.S. FDA approval. In particular, this Series B round has attracted investment from global investors, paving the way for full-scale overseas expansion.
"We are grateful to our investors for recognizing our achievements and future value. With this investment, we will further strengthen our medical AI research by expanding our team of experts in each field and exploring new pipelines for continued growth," said AITRICS CEO Kim Kwang-joon. "We will strive to expand our global reach beyond Korea so that our technology can benefit more doctors and patients in the future."
Premier Partners Managing Director Yoon Ha-young said, "Healthcare AI has seen remarkable growth globally in recent years. In particular, from the Series A stage, we have been paying attention to the outstanding research talent and excellent vital sign technology of AITRICS, and we believe that VitalCare, which predicts serious illness and death, can bring good changes to the medical market environment, so we made additional investments.”
Earlier, the company raised 7.5 billion won in seed funding in 2017, 7.5 billion in Series A in 2019, and 3.5 billion in Pre-B in 2021, bringing its total funding to 38.1 billion, including the latest investment of 27.1 billion won.