Exosystems, an artificial intelligence (AI)-based digital healthcare company and a member of Born2Global Centre, has succeeded in attracting Series A funding worth USD 3.9 million from SBI Investment, Laguna Investment, and Korea Technology Finance Corporation. With the addition of the new investments, the company has now amassed a total of USD 4.5 million in funding.
Exosystems is known for its digital care solution, consisting of a wearable medical device and connected user app, which enables patients undergoing neurorehabilitation or suffering from musculoskeletal disorders to monitor their health and receive appropriate treatment. The wearable sensor analyzes digital biomarkers related to musculoskeletal disorders and, through digital treatment software complete with behavioral intervention components, offers recommendations on exercise program or electrical stimulation therapy.
The technology of Exosystems has been verified through clinical research conducted in cooperation with the Seoul National University Bundang Hospital and other prominent Korean medical institutions. The device and its technologies have also been approved by the Korean Ministry of Food and Drug Safety and the CE-MDD (Medical Devices Directive) in Europe.
Exosystems' technology and growth potential were recently recognized when it was selected by government-funded R&D project worth USD 5 million. The company's digital healthcare device is now covered by public health insurance of Korean Ministry of Food and Drug Safety.
With the latest investments, Exosystems plans to expand clinical & technical capabilities to further develop the company's technology and overseas business.
"Exosystems is a company with both AI software and hardware technology, and it makes products in the digital healthcare field that can be commercialized," said SBI Investment Team Lead Lee Joo-hyuk. He added, "Providing continuous monitoring and treatment outside the hospital is a critical factor in future medical care, and we expect Exosystems to bring about digital innovation not only to musculoskeletal healthcare but to all aspects of people's health and lives."
"Exosystems will be able to secure competitiveness in the overseas markets because of its unique technology that analyzes digital biomarkers and provides behavioral intervention protocol based on scientific evidence," said Exosystems CEO Lee Hoo-man.
Exosystems, a Korean healthcare startup which is a member company of the K-ICT Born2Global Centre, is unveiling its newly-launched ICT rehabilitation device at the World Forum for Medicine, MEDICA, in Dusseldorf, Germany this month.
The device, dubbed the exoRehab, helps provide personalized rehabilitation guidance for patients in need of neuromuscular rehab.
Unlike most electrical stimulation devices such as FES devices or ICT rehab solutions, the exoRehab provides electrical stimulation that helps patients receive therapeutic stimulation and personalized exercises. The program also allows users to execute rehab training exercises based on their own body data and monitor the health status of their affected area.
"As the company's 'Healthcare, and beyond' ethos states, we aim to provide opportunities for people to move beyond human limitations when it comes to medical rehab," says Exosystems CEO Hooman Lee. "We're striving to help people recover restrained physical abilities with utmost effectiveness and efficiency while streamlining the process overall."
Most conventional rehab methods only provide firm, rigid ways to exercise and recover. The exoRehab aims to provide the most effective and efficient rehab by generating personalized physical and electrical stimulation programs based on the user's musculoskeletal data.
While developing the exoRehab, the company spotted three problems that patients encounter during their rehabilitation process and established goals for the device based on the findings.
The three main problems found with traditional rehab methods are: Repeating, boring movements, out-of-the-way hospitals and short supply of rehab services. The exoRehab was created to help eliminate these issues with its features that include portable wearability, gamification exercise and medical AI data collection.
While the exoRehab is Exosystems' first venture into hardware, the startup has already made a name for itself in the medical community. Some of Exosystems' achievements to date on the medical scene include industry milestones like complete approval by the Korean Ministry of Food and Drug Safety (KFDA) and Korea Good Manufacturing Practice (K-GMP) process.
Existing partners of the company include NGO Medipeace, along with medical institutes Seoul National University Bundang Hospital and Wonju Severance Christian Hospital.
The company's inaugural rehab device is ready to hit the European and North American markets, Exosystems and its partners business in the medical field, as well as a planned expansion to direct-to-consumer subscription plans in the future.
Exosystems will hold demos of the exoRehab at Germany's World Forum for Medicine, MEDICA, in Hall 115, booth 57.