Mediwhale Secures $12 Million in Series A2 Funding to Propel AI Retina Scanning Technology
Mediwhale, an artificial intelligence-powered diagnostics company, has successfully raised $12 million in Series A2 funding to enhance its innovative retina scanning technology aimed at diagnosing cardiovascular and metabolic diseases. The funding round was spearheaded by the Korea Development Bank (KDB), with additional investment from Woori Venture Partners, IMM Investment, Mirae Asset Securities, among others.
This latest funding round serves as a significant milestone for Mediwhale, which previously secured $2 million in Series Pre-A funding during 2021, followed by $9 million in Series A funding in 2023. The cumulative financial support highlights the burgeoning confidence in Mediwhale’s groundbreaking diagnostic solutions.
The company's flagship product, Reti-CVD, is an AI-driven diagnostic tool that assesses the risk of future cardiovascular disease through a simple retina scan. Mediwhale claims that this non-invasive, radiation-free test offers highly accurate results comparable to the coronary artery calcium score obtained from a cardiac CT scan. The widespread diagnostic capabilities of Reti-CVD have already gained traction, with its private reimbursement approval in Korea being granted in June 2023. Since then, the technology has been employed in more than 7,200 cases across 57 medical institutions.
Kevin Choi, CEO of Mediwhale, expressed the company's ambitious goals in a press release, stating, "With our pioneering technology, developed and commercialised as a world first, we aim to lead the global market in cardiovascular and metabolic disease management. We are determined to secure FDA De Novo approval by 2025, with plans to launch our product in the United States shortly thereafter."
The newly acquired funds will be channeled not only towards advancing Reti-CVD but also in seeking FDA approval to facilitate its entry into the U.S. market. Beyond cardiovascular disease, Mediwhale is committed to expanding its diagnostic technology to other areas. The company is developing solutions to predict the risk of chronic kidney disease, as well as diagnostic tools for glaucoma, cataracts, and various retinal conditions. Additionally, they are working on an AI diagnostic solution capable of estimating biological age.
With a strong financial backing and a clear roadmap, Mediwhale is poised to make significant strides in the field of AI-powered medical diagnostics, potentially transforming how cardiovascular and metabolic diseases are detected and managed globally.
Source: Noah Wire Services