STARTUP FOCUS: Sky Labs ready to expand global foray upon raising new capital

[Source: Sky Labs]

Sky Labs, South Korea-based health care startup renowned for its artificial intelligence (AI)-backed heart monitoring system CART-I, successfully raised $20 million in new funding from existing and new investors, raising expectations for its aggressive foray into global markets.

With the new fundraising completed in May, the company has drawn total $30 million worth investments so far.

The investors joining the latest Series B Round include Atinum Investment, Moru Asset Management, Soo Investment Capital, KB Investment, Korea Investment Partners and LB Investment, according to the company.

Sky Labs has been recognized for CART-I, the world’s first AI-based heart monitoring system that consists of a ring-type wearable medical device, a user application and a web platform for medical professionals.

The system enables atrial fibrillation patients to monitor their heart beats without visiting a hospital, and its sensor in the ring checks the bloodstream in the finger to measure irregular pulse waves. The measured data is transmitted to a cloud platform, as well as to the user application and the medical professional’s web platform.

[Source: Sky Labs]

CART-I system has earned the CE mark under the European Medical Devices Directive for marketing and sale in the European Union and now is preparing marketing clearance from the U.S. Food and Drug Administration, the company said.

With the proceeds from the new funding, Sky Labs is planning to expand global clinical research and marketing activities in the U.S. and European countries. It aims to develop more monitoring devices for various chronic diseases and seek for their marketing approval in overseas markets. It is also actively recruiting more talents.

“Continuous and precise monitoring outside a hospital for the constant care of chronic disease patients is an important element of tailor-made medical care. CART-I will realize it,” said Kim Jin-yong, director of KB Investment that joined the Series B Round.

Sky Labs CEO Jack Lee vowed continuous efforts for innovative development, saying “we are going to bring fundamental changes to the healthcare market for chronic disease patients outside a hospital.”

On the back of its technical prowess and industry competitiveness, Sky Labs won the Digital Health & Technology Competition of the European Society of Cardiology in 2018 and 2019 and selected as the Technology Pioneer of the World Economic Forum 2019.

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