Medical AI company Mediwhale said it completed a 20 billion won ($13.1 million) Series C funding round.
Premier Partners led the investment, with KB Investment, Quad Investment Management, IMM Investment, Hana Ventures, AON Investment, and Startup Partners joining. Mediwhale’s total funding now stands at about 51.2 billion won.
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Founded in 2016, Mediwhale develops medical AI software to predict the risk of cardiovascular and metabolic diseases, such as cardiovascular disease and chronic kidney disease, using retinal images and AI.
“Dr. Noon CVD,” the world’s first retina AI-based cardiovascular disease prediction software developed and commercialized by Mediwhale, analyzes the risk of cardiovascular disease with accuracy comparable to that of conventional cardiac CT scans. It offers a unique competitive advantage by providing results within minutes through a simple eye exam without radiation exposure. It is currently in use at over 170 medical institutions in the U.S. and abroad.
The company plans to fully invest the funds secured through this Series C investment into expanding the Korean and foreign markets for Doctor Noon CVD, pursuing clinical trials and regulatory approvals in the U.S. and globally, strengthening its local commercialization infrastructure, and enhancing its product pipeline targeting metabolic syndrome.
Mediwhale is accelerating its efforts toward U.S. FDA De Novo approval and market entry. The strategy is to focus efforts on demonstrating clinical efficacy and real-world applicability—key gateways to entering the U.S. market—to simultaneously meet global regulatory standards and market demands.
In the U.S., the company is prioritizing fast market entry post-approval by expanding Proof of Concept installations in primary care facilities to secure early references and real-world applications, proactively establishing a commercialization foundation, and accelerating U.S. revenue growth.
Additionally, the company is increasing investments to expand both domestic and international markets and further enhance its business development capabilities to broaden adoption among medical institutions and form strategic partnerships.
Mediwhale is also proceeding with its initial public offering (IPO), aiming to list on Kosdaq in the first half of next year under a technology-based listing exemption. The funds secured through this investment round, along with the strengthened global business foundation, are expected to contribute significantly to the company’s preparations for the listing.
A Premier Partners official said, “Mediwhale is expected to grow quickly in global markets, especially the U.S., using its unique retinal AI technology and proven commercialization. We invested after assessing its scalability and growth potential.”
“This investment recognizes Mediwhale’s technology and accelerates our growth as a global leader,” Mediwhale CEO Choi Tae-geun said.
Choi added, “With this progress, we will speed up revenue growth and work toward securing FDA De Novo approval to position ourselves as a global healthcare leader.”
