Mediwhale Attracts $12 Million in Series A2 Funding

Mediwhale has secured its finances with $12 million Series A2 investments led by Korea Development Bank (KDB). Other financial support came from Woori Venture Partners, IMM Investment, Mirae Asset Securities, and other investors.

This Series A2 investment round involves both the issuance of new shares and secondary sales.

“I believe our successful fundraising, even in a frozen capital market, is largely due to our excellent technology. With our technology, developed and commercialized as a world first, we aim to lead the global market in cardiovascular and metabolic disease management,” Mediwhale CEO Kevin Choi said. “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.”
 
The company initially raised $2 million in Series Pre-A funding in 2021, followed by $9 million in Series A funding last year. 
 
Mediwhale is setting a new standard of care for the early cardiovascular disease prevention by using AI-powered retina scans. The company’s flagship product, Reti-CVD, is an AI diagnostic solution that autonomously assesses future cardiovascular disease risk using an eye scan. It is a simple, radiation-free test that provides highly accurate results equivalent to the coronary artery calcium score derived from a cardiac computed tomography scan in predicting cardiovascular risk. Since June 2023, Reti-CVD has been approved for private reimbursement in Korea and has been utilized in more than 7,200 cases within 57 medical institutions as of August 2024.
 
With this new capital, Mediwhale will continue to enhance AI algorithms, achieve U.S. Food and Drug Administration 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 commercialize medical AI that can predict cardiovascular disease risk through a simple eye exam. 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,” a KDB statement read.

Mediwhale is an AI-powered health diagnostics company that uses non-invasive retina scans to help prevent heart and kidney diseases. Mediwhale’s solution uses deep learning algorithms to detect future disease risks even before symptoms appear. Mediwhale has been dedicated to making preventative care more affordable, accessible, safe, and convenient since being founded in 2016 in South Korea.