Exosystems Raises $3.9 Million Series A Funding, on Mission to Provide AI-based Digital Care for Musculoskeletal System
Exosystems, an artificial intelligence (AI)-based digital healthcare company and a member of Born2Global Centre, has succeeded in attracting Series A funding worth USD 3.9 million from SBI Investment, Laguna Investment, and Korea Technology Finance Corporation. With the addition of the new investments, the company has now amassed a total of USD 4.5 million in funding.
Exosystems is known for its digital care solution, consisting of a wearable medical device and connected user app, which enables patients undergoing neurorehabilitation or suffering from musculoskeletal disorders to monitor their health and receive appropriate treatment. The wearable sensor analyzes digital biomarkers related to musculoskeletal disorders and, through digital treatment software complete with behavioral intervention components, offers recommendations on exercise program or electrical stimulation therapy.
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The technology of Exosystems has been verified through clinical research conducted in cooperation with the Seoul National University Bundang Hospital and other prominent Korean medical institutions. The device and its technologies have also been approved by the Korean Ministry of Food and Drug Safety and the CE-MDD (Medical Devices Directive) in Europe.
Exosystems’ technology and growth potential were recently recognized when it was selected by government-funded R&D project worth USD 5 million. The company’s digital healthcare device is now covered by public health insurance of Korean Ministry of Food and Drug Safety.
With the latest investments, Exosystems plans to expand clinical & technical capabilities to further develop the company’s technology and overseas business.
“Exosystems is a company with both AI software and hardware technology, and it makes products in the digital healthcare field that can be commercialized,” said SBI Investment Team Lead Lee Joo-hyuk. He added, “Providing continuous monitoring and treatment outside the hospital is a critical factor in future medical care, and we expect Exosystems to bring about digital innovation not only to musculoskeletal healthcare but to all aspects of people’s health and lives.”
“Exosystems will be able to secure competitiveness in the overseas markets because of its unique technology that analyzes digital biomarkers and provides behavioral intervention protocol based on scientific evidence,” said Exosystems CEO Lee Hoo-man.
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