On May 28th, AI startup ‘Deep Bio’ succeeded in Series A funding from various venture capital companies in Korea. Deep Bio is a medicalAI company that develops cancer diagnostic software products. While the products are still under development, it is expected to accelerate the commercialization.
Deep Bio has closed USD 5.6 Million in its Series A round from domestic venture capital companies. The startup has been recognized as an enterprise worth about USD 14 Million (before investment) in the process of attracting investment.
DTI & Investment, Hyundai Investment, Sejong Venture Partners, Daesung Venture Investment, and MG Investments acquired a total of 296,298 shares of DeepBio’s redeemable convertible preferred stock (RCPS). Some venture capitalists are also considering additional follow-on investments for additional financial support.
DeepBio was founded in October 2015 by Kim Sun-Woo, a computer engineer graduate from KAIST University. The company is a startup specializing in the production of medical software using deep learning, one of the artificial intelligence technologies.
The startup company is conducting clinical trials on its medical devices based on its solutions. It is anticipated that the products will be launched in earnest after completing the clinical procedure. The company plans to actively pursue not only in domestic but also overseas bio markets. Deep Bio is regarded as a representative start-up that provides a combination of information & communication technology (ICT) and bio. In the era of the 4th Industrial Revolution, Deep Bio has gained its reputation from investment companies in the essence that contributes value in domestic and foreign markets.
An industry representative said, “Deep Bio is a promising venture company in the era of the fourth industrial revolution, and if successful, the company will be able to grow and attract attention in overseas markets.” He said.