Global Healthcare Startup Sky Labs Secures $15.6 Million in Series C Funding

Sky Labs, a global healthcare startup, has raised $15.6 million(KRW 207 billion) in Series C funding. This brings the company’s total funding to approximately $41.1 million(KRW 54.8 billion).

Korea Development Bank (KDB), K2 Investment Partners, Devsisters Ventures, SJG Partners and OpenWater Investment participated in this round. The investment of over $15 million (KRW 20 billion) proves the market’s expectations, especially in the context of reduced investor sentiment and rare investments in the bio-healthcare sector.

CART BP” is a ring-type cuffless continuous blood pressure monitor that can continuously measure and monitor blood pressure for 24 hours, instead of the existing arm compression type measurement method. This allows medication dosages to be adjusted based on different blood pressure data over time. It can also effectively track lifestyle changes such as sleep and stress management, exercise, alcohol consumption and response to blood pressure medication. This helps hypertensive patients control their blood pressure and prevent cardiovascular disease. CartBP’s blood pressure measurement algorithm technology has been recognized by the publication of a paper in the Scientific Reports of the world-renowned journal Nature.

In June, Sky Labs signed a domestic distribution agreement with Daewoong Pharmaceutical and received approval for CART BP from the Ministry of Food and Drug Safety. As a result, the company plans to begin full-scale distribution to hospitals nationwide and online sales to general consumers in October. Sky Labs is targeting sales of approximately $52.5 million (KRW 7 billion) in Korea alone over the next three years, and plans to expand overseas in line with US FDA and European Conformite Europeen (CE) approvals next year.

“Sky Labs has completed the development, clinical validation and licensing of a wearable device and AI algorithm that can continuously measure blood pressure for 24 hours, which was difficult to provide in the existing medical environment,” said Seungwoo Lee, executive director of Devsisters Ventures, which participated in the investment. “Now, medical staff can more easily get the information they need to treat hypertensive patients, and it is expected to be the best example of an AI medical application that can become a new standard, like continuous glucose monitors.”

Byunghwan Lee, CEO of Sky Labs, said, “CART BP has created a new category of continuous blood pressure monitors that measure over a long period of time, 24 hours continuously. With this investment, we will continue to conduct clinical trials and secure evidence to meet the needs of domestic and international hypertension societies, strengthen our world-class technology advantage, obtain overseas licenses, and accelerate overseas marketing and sales.”