Seoul-based AI diagnostics startup Mediwhale has secured $12 million in the second phase of its Series A financing round to revolutionize cardiovascular disease detection using AI-driven retinal scans.
The company’s technology platform allows healthcare professionals to accurately detect and diagnose cardiovascular, eye, and kidney illnesses in their early stages, enabling them to provide preventive medical interventions in primary care settings.
Co-founded in 2016 by Kevin Choi, Young Lee and Tyler Rim Ph.D, the company is setting a new standard in early detection and prevention of cardiovascular illnesses.
The funding round was spearheaded by the Korea Development Bank (KDB), with contributions from IMM Investment, Woori Venture Partners, and Mirae Asset Securities, among other investors.
Mediwhale’s Innovative Diagnostics Platform
Mediwhale’s flagship AI-backed diagnostic solutions, Reti-CVD, can autonomously analyze retinal scans to assess individual’s risks of having cardiovascular illness in the future. The AI tool offers a simple and radiation-free diagnostic technique, providing accurate results like those derived from a cardiac CT scan.
The AI diagnostic tool is the first-of-its-kind in the field of cardiovascular disease diagnostics, and it holds great potential to improve access to cardiovascular disease screening. The device allows for early disease detection and medical interventions critical for improved patient care outcomes.
Since mid-2023, Mediwhale’s cardiovascular diagnostics tool, Reti-CVD, has been approved for use in South Korea and has been used in more than 7,200 cases across 57 health facilities as of August this year.
The company will use the new capital to support Reti-CVD’s regulatory approvals by the US FDA, enhance AI algorithms, develop new medical diagnostic products, and expand its global footprint.