The $15 million funding round is the largest raise by a Korean health tech company this year.
South Korean health tech startup Sky Labs has successfully secured 20.7 billion won (equivalent to $15.3 million) in a Series C funding round.
The government-run Korea Development Bank took the lead in the funding round with participation from K2 Investment Partners, Devsisters Ventures, SJG Partners and OpenWater Investment.
The raise brings the total investments in Sky Labs to 54.8 billion won (equivalent to $40.5 million). The company had previously raised $20 million in its Series B round back in 2021.
At the core of Sky Labs’ success is its innovative AI-powered blood pressure monitor, known as CART BP. The wearable device, which is worn as a ring, employs photoplethysmography (PPG) signals on the wearer’s finger to measure blood pressure. The smart ring provides continuous blood pressure monitoring, facilitating personalized treatment and medication dose adjustments for patients with hypertension.
The initial iteration of CART BP primarily focuses on monitoring atrial fibrillation using both PPG and ECG signals. Subsequent enhancements have enabled the device to measure oxygen saturation and blood pressure.
In an official statement, Sky Labs revealed that the newly acquired funds will be allocated to conducting clinical research that aligns with the criteria set by hypertension societies and regulatory bodies for market approval. Additionally, these funds will expedite the acquisition of market licenses and the establishment of marketing and distribution partnerships.
The funding round closed in a period marked by reduced investment activity within the broader health tech market. Despite these challenges, the startup managed to achieve the largest investment obtained by a health tech company in South Korea this year.
Lee Seung-Woo, director of Devsister Ventures 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”
In October, Sky Labs, in collaboration with its exclusive distribution partner Daewoong Pharmaceutical, began deploying the CART BP within hospitals and clinics in South Korea. The device is scheduled for subsequent availability for online purchase. Over the next three years, the company aims to generate up to 70 billion won (equivalent to $52 million) in sales of the CART BP solely within South Korea.
Sky Labs has ambitious plans for expanding the distribution of its ring-type blood pressure monitor into the United States and various European markets, commencing next year, following recent regulatory approvals. The company had previously secured clearance from the South Korean Ministry of Food and Drug Safety for the blood pressure monitoring feature on its device in March.
