Mediwhale, an AI-powered health diagnostics company, has announced $12 million series A2 investments that will leverage the momentum of the company’s technological advancements and rapid adoption of its innovative biomarker for preventing cardiovascular disease in general hospitals and clinics.
The financing round was led by Korea Development Bank (KDB), with participation from Woori Venture Partners, IMM Investment, Mirae Asset Securities, and other investors.
Mediwhale initially raised $2 million in Series Pre-A funding in 2021, followed by $9 million in Series A funding in 2023. The company has said that the recent Series A2 investment of $12 million further strengthens its growth trajectory.
Mediwhale is aiming to sett a new standard of care for the early prevention of cardiovascular disease using AI-powered retina scans.
The company’s product, Reti-CVD, is an AI diagnostic solution that autonomously assesses future cardiovascular disease risk using an eye scan. It is a radiation-free test that provides highly accurate results equivalent to the coronary artery calcium score derived from a cardiac CT scan in predicting cardiovascular risk.
Since June 2023, Reti-CVD has been approved for private reimbursement in Korea and has been utilized in over 7,200 cases across 57 medical institutions as of August 2024.
With this new capital, Mediwhale will continue to enhance AI algorithms, achieve U.S. FDA approval for Reti-CVD, expand its global footprint, and develop new products to predict chronic kidney disease risk.
“Mediwhale is the first company in the world to develop and commercialise medical AI that can predict cardiovascular disease risk through a simple eye exam” said Korea Development Bank.
“The company demonstrates significant differentiation in both business performance and technological innovation. We have decided to invest actively, confident that Mediwhale will make history in AI-driven prediction of cardiovascular and metabolic diseases both domestically and globally,.”
Kevin Choi, CEO of Mediwhale, added: “I believe that our successful fundraising, even in a frozen capital market, is largely due to our excellent technology. With our pioneering technology, developed and commercialized as a world first, we aim to lead the global market in cardiovascular and metabolic disease management.
“We are determined to secure FDA De Novo approval by 2025, with plans to launch our product in the United States shortly thereafter. Additionally, to maintain a competitive edge, we will significantly enhance our AI performance and expand our product pipeline to include chronic kidney disease prediction.”
