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Series B Funding announcement

Monitor Corporation, a leading medical imaging AI solutions company (CEO Kyongjoon Lee has successfully raised 7 billion KRW in Series B funding. The round was led by UTC Investment, Premier Partners, and HB Investment.

 

Founded in 2018 by a team of radiology professors from Seoul National University Bundang Hospital, Monitor Corporation combines a deep understanding of medical practice wi



th cutting-edge AI technology. Shortly after its launch, the company’s technical prowess attracted seed funding from Naver D2SF, followed by Series A funding in 2021 from Premier Partners.

 

Monitor Corporation's flagship product, MONCAD LCT, is an AI-powered chest CT solution for lung cancer diagnosis. It is the only Class 3 medical device in Korea capable of detecting both the presence and condition of lung cancer. The product has been designated as an “Innovative Medical Device” by the Ministry of Food and Drug Safety, recognized as an “Outstanding Research and Development Innovation Product” for the first half of 2023 by the Ministry of SMEs and Startups, and has received European CE certification.

 

Another of the company's standout products, MONCAD ABS, is the only AI solution in Korea specifically designed for automated breast ultrasound cancer detection. Certified as a Class 2 medical device by the Ministry of Food and Drug Safety, it boasts high compatibility with GE Healthcare’s automated breast ultrasound system, Invenia ABUS, and has garnered positive market feedback.

 

Currently, Monitor Corporation’s solutions are being used in over 100 hospitals across Korea, with the company achieving measurable success in clinical settings. Building on this latest funding round, the company is now preparing for expansion into key international markets, including Japan, the United States, Europe, and Singapore.

 

CEO Kyong-joon Lee remarked, "Despite the challenging investment climate, we were able to attract significant interest from investors thanks to our strong product competitiveness and business performance. Moving forward, we aim to grow into a globally competitive medical AI company."

 

Hyun-moo Cho, executive director of Premier Partners, added, "Monitor Corporation is meeting the needs of the medical field in an optimal way, establishing itself as a leader in AI diagnostic support solutions. We expect the company to expand its domestic market share through various advanced medical technology programs and to swiftly pioneer overseas markets through close collaboration with global medical device vendors."

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