AITRICS(에이아이트릭스), a medical artificial intelligence (AI) company, has raised a total of $21 million (KRW 27.1 billion) in Series B funding from 9 domestic and international venture capital firms.
The Series B round was led by existing investors Premier Partners, BNH Investment and BSK Investment, with follow-on participation from Boneum Investment, DS Investment & Securities, Ulmus Investment, HB Investment, Shinyoung Securities and HRZ.
Founded in 2016, AITRICS is a specialist medical artificial intelligence company based on vital signals that has developed AITRICS-VC (Vitalcare), an artificial intelligence solution for predicting patient deterioration.
Vitalcare, developed by AITRICS, is medical AI software that monitors the condition of hospitalised patients in real time and predicts deterioration such as sepsis, death and cardiac arrest at an early stage. Vitalcare analyses a total of 19 comprehensive data points from the EMR, including 6 vital signs, 11 blood test results, the patient’s level of consciousness and age, to more accurately predict patient abnormalities at an early stage.
Vitalcare was approved by the Ministry of Food and Drug Safety in October 2022 and has since been used on a non-payment basis under the Ministry of Health and Welfare’s new medical technology evaluation moratorium. It has now been introduced in more than 40 hospitals in Korea and is generating sales.
AITRICS Global Investment Company has invested in the company, paving the way for full-scale overseas expansion.
Kwang Joon Kim, CEO of AITRICS, said: “We are grateful to our investors for recognising the achievements and future value of AITRICS. With this investment, we will further strengthen our medical artificial intelligence research by expanding our team of experts in each field and explore new pipelines to further grow the company.” “We will strive to expand our global reach beyond Korea so that our technology can benefit more doctors and patients in the future.”
Hayoung Yun, managing director of Premier Partners, said, “Healthcare AI has seen remarkable growth globally in recent years. Since the Series A stage, we have been paying attention to AITRICS’ outstanding research talent and superior vital signs technology, and we believe that Vitalcare, which predicts serious illness and death, can positively change the healthcare market environment, which is why we have made an additional investment.” “We will continue to sincerely support and encourage AITRICS to expand not only in the domestic market but also globally,” he added.
AITRICS raised $5.6 million (KRW7.5 billion) in seed funding in 2017, $5.6 million (KRW7.5 billion) in Series A in 2019 and $2.6 million (KRW3.5 billion) in Pre-B in 2021, bringing its total funding to $29 million (KRW38.1 billion), including this $21 million (KRW27.1 billion) investment.
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