3billion, a Korean company specializing in AI-powered diagnostic tests for rare genetic diseases, announced on Thursday that it has filed a registration statement with the Financial Services Commission for an initial public offering (IPO) on the Kosdaq market in October.

The company plans to offer 3.2 million shares at an expected price range of 4,500 won ($3.37) to 6,500 won per share, aiming to raise between 14.4 billion won and 20.8 billion won through the IPO. The demand forecast period will run from September 27 to October 4, with the subscription scheduled for October 11-14. Korea Investment & Securities is serving as the lead underwriter.

Founded in 2016, 3billion aims to establish itself as a global leader in diagnostics and therapeutics development. The company's name, 3billion, is inspired by the 3 billion base pairs that make up human DNA.

3billion’s core technology is an AI-powered diagnostic platform designed for rare genetic diseases. This platform can analyze the pathogenicity of each of a patient's 100,000 genetic variants "with 99.4 percent accuracy within five minutes" and identify the causative genetic variant responsible for the disease "with 98.1 percent accuracy" based on the top five candidates, according to the company.

The company offers a range of services, including diagnostic tests for rare genetic diseases, support for diagnostic tests targeting specific diseases, data-based diagnostic testing, and SaaS software subscription services.

The World Health Organization (WHO) estimates that around 400 million people, or 5 percent of the global population, suffer from rare diseases. Given that 99 percent of the genetic variants detected in each patient lack evidence of pathogenicity, and considering the challenges of manually interpreting a large number of genetic variants, automated interpretation using AI is crucial.

3billion has achieved several notable milestones, including acquiring the largest and most advanced genomic data on rare disease patients in Korea, winning two international AI competitions supported by the U.S. National Institutes of Health (NIH) and hosted by a multinational pharmaceutical company, and publishing 86 papers while securing 33 patents related to rare genetic diseases.

3billion’s revenue grew from 25 million won in 2020 to 2.7 billion won in 2023. Over 70 percent of this revenue comes from overseas, with 3billion's services now available in more than 60 countries.