By Hyunjin Choi

 

JLK Inspection, an AI-enhanced medical solution provider, announced that it will seek Initial Public Offering(IPO) to go public on KOSDAQ, submitting the registration statement to the Financial Services Commission after passing the preliminary screening review by Korean Exchange(KRX) on the 30th last month.

 

The market is eyeing on JLK Inspection in the process of IPO under the technology exception policy since it will be the first AI-based medical company on the KOSDAQ market. The company plans to secure approximately a maximum of KRW 29 bn (USD 25 mm) by offering 2 million stocks with the IPO price band between 11,000 won and 14,500 won per share.

 

The IPO price is to set up during the book-building session on Nov. 26-27. Public subscriptions will be held on Dec. 2-3, and JLK Inspection expects that the listing is finalized within this year. The lead manager is Korea Investment & Securities Co.

 

 

Founded in 2014, JLK Inspection(a Born2Global member from 2017~2019) is a medical solutions provider specializing AI-enhanced technology.

 

The company released AIHuB, an all-in-one medical platform to detect 37 medical conditions in 14 different body parts: strokes, Alzheimer’s, prostate cancer, lung cancer, thyroids cancer, breast cancer, and joint disease. To support a doctor’s diagnosis, AIHuB analyzes nationwide scales of MR images up to 1.5M slides from 14K people based on deep learning technology. After the analysis, it provides a real-time diagnosis support on site for practitioners.

 

While competitors use only CT to detect diseases, AIHuB heightens the accuracy, using CT, MRI, MRA, and mammography data all together.These solutions are approved by the Ministry of Food and Drug Safety in South Korea as an AI-based class Ⅲ computer aided diagnosis system. It has obtained CE mark for AI-based medical solutions in accordance with the European Medical Device Directive(MDD).

 


An AI platform for the “Health of Humanity”

 

JLK Inspection manufactures and supplies AI-Hub, an AI-based medical diagnostics platform. The company aims to help people lead healthier lives through early detection and diagnosis of brain diseases, prostate cancer, and other conditions. With years of related knowledge and expertise, JLK Inspection has been expanding its business to develop and supply accurate AI-based security scanners that can be easily used in public organizations, private companies, and customs offices.

 


 

Finding opportunity in an aging society and joining the Fourth Industrial Revolution

 

JLK Inspection was founded in 2014. Kim Won Tae, the founder and CEO, has been an engineer for over 20 years. He studied nuclear engineering at KAIST, earned his Ph.D. in machine engineering at Drexel University, and worked as a researcher at KEPCO Engineering and Construction Co. and J&D Thermo-Fluid Technology, Inc.

“As I led a variety of research projects, I was able to personally experience that the Fourth Industrial Revolution was coming,” explains JLK Inspection CEO Kim Won Tae. “I knew that AI would bring revolutionary changes, and I dreamed of starting a business in AI.” Kim chose AI-based medical imaging diagnostics?for diagnosing strokes in particular. He believed that since one of every six people suffer from stroke at least once in their lives, many will benefit from an improvement in the diagnostics technology.

“I felt that improving the technology for diagnosing strokes would improve people’s quality of life and also reduce the related social costs, since Korea has become an aging society,” said Kim. Founded in February 2014, JLK Inspection created a team of AI experts in January 2015 and is stepping into becoming an AI-based medical device company.

 

 

Big data-based robot doctor

 

JLK Inspection’s signature service is the AI-based medical platform AIHub. Short for “AI Humanity Benefit,” AIHub is a solution that analyzes various types of medical images and clinical data through a big data-based AI algorithm. It can detect and diagnose 33 medical conditions in 14 regions of the body, which is the largest number of any existing medical diagnostics device in the world.

JLK Inspection’s product lineup includes the JBS series - medical systems that helps detect acute and hyperacute cerebral infarctions based on MRI, CT scans, and clinical data - and the JPC series, which help diagnose prostate cancer using MRI. Similar competitor products can only detect

one of a small number of medical conditions, and use only CT scans and X-rays to detect them.

AIHub, on the other hand, can detect 33 medical conditions and can diagnose the causes of those conditions. It has also been hailed for its versatility, as it makes use of imaging technology including X-rays, CT scans, MRI, MRA, and even ultrasound. In addition, AIHub has also had its AI technology upgraded using big data validated by specialists from 11 university hospitals in Korea. JLK Inspection is also getting ready to expand application of its years of expertise into the security and inspection sector.

This has all been possible through years of collaboration with the Korea Customs Service and the accuracy of big data that has been gleaned from over 40 million images.

Currently, the company has succeeded in commercializing the modules for customs security, corporate security, and government office security. The only Korean company to participate in the International Security Expo held in the UK in November 2018, JLK Inspection presented its products to the world and is working to supply them to major public facilities in South Korea while advancing into the corporate security market.

 


 

The difficulty of pioneering and plans to go abroad

 

Kim says that JLK Inspection is currently facing difficulties in all areas of business, from collecting and analyzing data to acquiring licenses, permits, and certifications, as it is a pioneer in its field in Korea. There were no precedents he could study or follow. “There are no guidelines in the medical AI business as of now,” Kim explains. “So for every bit of research we conduct, we have to review whether it is permitted institutionally or whether it is illegal. We pay close attention to complying with regulations in each country whose market we enter.” Under such circumstances, K-ICT Born2Global Centre’s systematic support has been of great help for JLK Inspection to enter foreign markets. The Centre provided multifaceted support, offering overseas advancement strategy seminars, arranging meetings with foreign buyers, providing legal consulting services on foreign laws and regulations, issuing articles about companies through overseas press agencies, introducing PR agencies, and helping the company develop marketing strategies. Thanks to the Centre’s support, JLK Inspection’s entry into international markets is accelerating. JLK Inspection plans to employ a large workforce, including local staff, and open company offices in five other countries in 2019. The company is also preparing for joint research and clinical testing with hospitals in the United States, United Arab Emirates, China, and Sweden. To this end, JLK Inspection has formed a strategic partnership with a global medical imaging device company with a worldwide business network and plans other strategic partnerships with insurance companies in foreign countries to provide medical services.

 

 

Becoming a major global market player in 2019

 

In 2019, JLK Inspection expects to take its first quantum leap since its founding, planning an IPO on KOSDAQ, underwritten by Korea Investment & Securities. The company is looking for public listing in Q2 2019, and if successful, JLK Inspection’s value could increase four or five-fold.

In 2017, JLK Inspection secured about KRW 10 billion in investments from several venture capital firms, including KB Investment, Medici Investment, and Intervest, which attests to the great expectations the market has for JLK Inspection.

 

 


 

 

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X-rays are a form of electromagnetic radiation used to detect and diagnose various injuries and diseases, such as bone fractures, lung cancer, and breast cancer. Compared to computed tomography (CT) and magnetic resonance imaging (MRI) scans, x-rays are simpler and relatively less expensive. However, since the images must still be interpreted by doctors, the technique still has one critical weakness: occasionally, doctors fail to notice the signs of disease.

Lunit's AI interprets x-ray images and lowers the misdiagnosis rate


Lunit Inc. has developed a deep learning-based technology for analyzing medical images that dramatically lowers the rate of misdiagnosis.

Lunit Inc., a member company of the K-ICT Born2Global Centre, has developed a deep learning-based technology for analyzing medical images that dramatically lowers the rate of misdiagnosis. Currently, the AI technology is being subjected to a sophistication process in cooperation with major medical institutions in Korea, including Seoul National University Hospital, Severance Hospital of Yonsei University Health System, Samsung Medical Center, and Asan Medical Center.

Anthony Paek, the CEO of Lunit, explained, "The data-driven imaging biomarker (DIB) technology that Lunit proposed for the first time ever in 2015 is an AI system that has learned abnormal and clinically significant image patterns from big data." He went on to add, "Currently, DIB technology has achieved an accuracy level comparable to that of human experts. In the future, however, we will have new DIB technologies capable of outperforming humans."

Lunit's DIB technology, called Lunit INSIGHT, uses AI technology to analyze existing x-ray images to help doctors make more accurate diagnoses. So far, the results of clinical trials have shown that using this technology increases diagnostic accuracy by 14 percentage points. Based on deep learning, an AI skill-building practice that makes use of big data and artificial neural network technologies, Lunit INSIGHT is capable of accurately analyzing images. Paek explained, "Most medical imaging AIs have been directly and indirectly influenced by DIB technology. Since we now have access to the big data of hospitals and are capable of processing DIB learning from various perspectives, the future potential of our company seems quite high."

The top AI dream team in the world--better than those of Google and Tencent

With a medical AI research team consisting of 12 deep learning researchers and three medical doctors, Lunit has developed the best deep learning and computer vision technologies in the world. At the 2015 ImageNet Large Scale Visual Recognition Competition, it ranked fifth in terms of object detection and localization, surpassing the teams of Google and Tencent. Lunit's technology has gained recognition around the world through the company's participation in international competitions, ranking first in the Tumor Proliferation Assessment Challenge (TUPAC) in 2016 and Camelyon in December 2017. Also in 2017, Lunit was also the only Korean company included on CB Insights' "AI 100," which ranks the 100 most promising AI companies in the world, and secured an investment from K Cube Ventures, SoftBank Ventures, Formation 8, and Mirae Asset Venture Investment.

Lunit unveiled Lunit INSIGHT, its AI-based real-time medical image analysis software, at the end of November at the Radiological Society of North America in Chicago. Able to accurately detect the signs of major lung diseases, such as lung cancer, pneumonia, pneumothorax, and tuberculosis, from x-ray images, Lunit INSIGHT rapidly processes medical images to provide results in only seconds after the images are uploaded and boasts an accuracy of 98 percent. The software is expected to be used for clinical purposes in hospitals and medical centers starting in the second half of 2018.

Lunit CEO Paek said, "Lunit INSIGHT is the first AI-based medical image analysis program in the world that has been released in a final, usable state. Through this release, we plan to expand the basis for the industry so that more medical professionals can gain easy access to such image analysis software." In the first half of the next year, Lunit is expected to unveil a mammography solution that allows doctors to use Lunit INSIGHT for the early diagnosis of breast cancer.

For more detailed information on the Lunit, visit https://lunit.io/


 

NEOFECTK-ICT Born2Global Centre's member company, develops medical devices and software for stroke patients and people suffering from neurological or musculoskeletal diseases. At CES, the world's largest electronic device trade show, in 2017, NEOFECT received an Innovation Award for its RAPAEL Smart Glove, a rehabilitation device for the hands, wrists, and lower arms of stroke patients. More recently, the company received its second consecutive Innovation Award at CES 2018 for its RAPAEL Smart Pegboard, a rehabilitation device designed for stroke patients' hands and arms.

 

 

 


NeoFect received its second consecutive Innovation Award at CES 2018 for its RAPAEL Smart Pegboard,

a rehabilitation device designed for stroke patients’ hands and arms.

 

 

The main feature of NEOFECT's RAPAEL series is its use of games. Unlike other rehabilitation device companies, the majority of which offer products that involve the repetition of simple and boring movements, NEOFECT has introduced a game-based element to its devices to make rehabilitation activities more entertaining and effective.

The company's most recent release is the RAPAEL smart pegboard, which, simply put, is a digital version of the traditional wooden pegboard. With this device, the patient engages in rehabilitative training by grasping and placing wooden pegs into a board in accordance with the rules of the selected game. The purpose of pegboard training is to enhance hand-eye coordination, fine motor skills, cognitive ability, space perception, and concentration.

The 63 high-luminance LEDs installed on the board light up to show the user where to place the pegs. For example, when playing the whack-a-mole game, only the holes where the user is expected to place the peg light up. To have patients make shapes, the lights create the shape of a heart or arrow, among others. The device also provides audio feedback through a speaker embedded in the board that notifies the user of his or her progress through sound effects and voice.

Harnessing painful experiences and applying them to the creation of a patient rehabilitation solution

CEO Ban Ho-young was always interested in rehabilitative treatment. "My father and uncle both died from stroke. In both cases, it was very difficult to have to just stand by and watch them suffer. During those experiences, I noticed the lack of rehabilitation methods available for patients who have lost most of their motor abilities and began thinking about how to resolve that problem." A university friend of Ban's who was studying rehabilitative medicine at the time shared his views and suggested starting a company together, thus giving birth to NEOFECT.

Practical feedback is just as important as research in the lab

Ban believes that the greatest strengths of NEOFECT products are practicality and convenience. As an engineering major, Ban was confident about his ability to develop machines and solutions, but knew that he lacked medical expertise. "I visited rehabilitation centers literally hundreds and thousands of times. I met with patients, doctors, and physical therapists to get as accurate a picture as possible of the rehabilitation process." This direct feedback from the field, which we had not considered in his first product designs, was then applied to the creation of NEOFECT's final products.

Another strength of the company's products is convenience. Most rehabilitation equipment is very costly (hundreds of millions of Korean won) and quite large, which is why they are available only in hospitals. As a result, patients who are determined to get well have no choice but to undergo rehabilitation at a hospital.

Pioneering a next-generation medical device market under the Fourth Industrial Revolution

Unlike other rehabilitation solution companies, which have focused mainly on hardware development, NEOFECT has grown based on its prioritization of both software and hardware. It is currently developing a rehabilitation solution that involves the use of AI and IoT. Ban said, "Big data is the key. We will be thoroughly analyzing the movements that enable patients to recover their neurological functions more quickly."

To develop new products, Ban is also actively striving to attract investment. As of last year, the company's annual sales stand at around KRW 2.1 billion, but it has already accumulated KRW 13.5 billion in investment, meaning that many companies are very optimistic about NEOFECT's potential. The list of NEOFECT investors includes a number of famous KOSDAQ-listed venture capital companies, including DSC Investment and Company K.

After receiving consultations from the Born2Global Centre on patents and two areas of accounting, NEOFECT was able to conduct its business more effectively. The company's transaction method, which had primarily been B2B, was changed to include more B2C transactions in 2017, allowing NEOFECT to help more patients with their rehabilitation efforts.

 

For more detailed information on the NEOFECT, visit http://www.neofect.com/en/

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