South Korean healthcare start-up Sky Labs has garnered KRW20.7bn ($15.27m) in its Series C funding round led by state-owned Korea Development Bank (KDB).
Other investors joining this round included K2 Investment Partners, Devsisters Ventures, SJG Partners, and Openwater Investment.
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The fresh infusion takes the total capital raised by the company to almost KRW54.8bn.
Sky Labs is the developer of CART BP, a ring-type cuffless continuous blood pressure monitor device.
It can be used for tracking the impact of different lifestyle habits, including exercising, drinking, sleep and stress management, on blood pressure levels.
This continuous monitoring is claimed to be effective in enabling patients with hypertension to manage their blood pressure levels, helping prevent cardiovascular disease.
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By GlobalDataDevsisters Ventures director Lee Seung-woo said: “Sky Labs has successfully developed a wearable device for 24/7 continuous blood pressure monitoring, a capability previously lacking in existing blood pressure monitors.
“They have also made significant progress in AI algorithm development, clinical validation, and obtaining approvals. This will make it easier for physicians to access the information necessary for treating hypertension patients.”
This June, Sky Labs entered an agreement with Daewoong Pharmaceutical for the distribution of CART BP in South Korean hospitals and clinics.
The distribution of this device to local health facilities started this month, which will be followed by online sales soon.
Over the coming three years, Sky Labs targets KRW70bn in CART BP sales in South Korea. Beginning next year, the company also looks to make the device available overseas.
Sky Labs CEO Jack, Lee said: “Based on the recent investment, we will conduct clinical research that meets levels demanded by hypertension societies in Korea and abroad and continually secure relevant grounds, in addition to strengthening our world-leading technological advantage and expediting overseas approval acquisition and overseas marketing and distribution.”
