Korean AI-based blood and cancer diagnostics company Noul said it will raise 35 billion won ($24.9 million) through a rights offering, reinforcing its financial position and accelerating its global growth strategy.

The decision was approved at a board meeting on Wednesday, with Korea Investment & Securities serving as the lead underwriter under a standby commitment.

The company distributed a shareholder letter alongside the public disclosure, outlining the background of the fundraising, its strategic direction, and long-term growth plans.

Noul CEO David Lim stressed that the move is aimed at securing both stability and momentum.

“Over the past two years, Noul has completed the miLab product portfolio and successfully validated it in major global markets,” he said. “The ‘new decade of growth,’ announced earlier this year, is already materializing through 12 new supply contracts and a 1,270 percent increase in revenue in the first half of 2025.”

With new product launches planned for the second half, this capital increase will allow the company to further accelerate business scale-up and strengthen long-term corporate value, Lim added.

According to the company, the funds will be directed toward expanding Korean and overseas manufacturing sites, including the relocation and enlargement of the company’s local plant and the addition of automated production lines.

Noul also plans to strengthen its global sourcing base through its assembly plant in Vietnam to meet rising demand.

On the regulatory and business development front, a portion of the proceeds will support submissions for key approvals such as those from the U.S. FDA and the European Medicines Agency (EMA), as well as expansion into Latin American and Asian markets.

Research and development will also benefit, with investment earmarked for next-generation cancer diagnostics and AI-powered biomarkers.

Projects include a high-throughput cervical cancer testing solution and enhanced AI performance for broader cancer profiling applications. The company is also moving to complete its integrated cervical cancer solution by adding liquid-based cytology (LBC) technology to its cartridge-based diagnostics, creating an end-to-end portfolio from testing to interpretation.

Noul’s flagship miLab device, an on-device AI-powered diagnostic system, has already established itself in malaria, hematology, and cervical cancer testing. Its proprietary sample preparation technology, embedded in diagnostic cartridges, supports expansion across blood testing, infectious diseases, and cancer profiling.

The company has demonstrated rapid business momentum in 2025. In the first half alone, Noul signed global supply agreements worth 11.7 billion won, entered 12 new markets, and surpassed its entire 2024 annual sales volume of miLab devices.

Over the past two years, it has secured 47 regulatory approvals, double the number compared to 2023, and validated its products at 57 customer sites worldwide.

By channeling its latest funding into manufacturing, global expansion, and next-generation cancer diagnostics, Noul said it expects not only to sustain rapid top-line growth but also to begin improving profitability from the second half of 2025.