Biomedical ultrasound company Medi Futures has secured $5m funding, which will help accelerate its efforts to secure FDA and CFDA approvals for its products based on ultrasonic platform technology.
Medi Futures has gathered $5m through common stocks from Korean investors such as Samho Green Investment and ST Capital, as well as strategic investors from the US and China.
Medi Futures CEO Kim Ji-Min said: “It is meaningful that this investment comes 100% in the form of common stocks through strategic partnerships, rather than through simple financial investment.
“This investment is expected to accelerate FDA and CFDA approvals. Moving forward, we will continue to strengthen our strategy of global advancement to become the world’s number one company in our field.”
Medi Futures has commercialized ultrasonic endoscopic disk surgical instruments and enzyme-free ultrasound stem cell separators developed by using its ultrasonic platform technology.
The company has already developed and supplied medical sutures with high-precision anchoring points (barbed sutures) to its customers.
Samho Green Investment CEO Jo Soo-Bong said: “The sales volumes of Medi Futures’s medical devices currently stand at almost US$30B and continue to grow at an annual rate of 12%. The devices are part of the minimal invasive medical field that is expanding globally.”
Medi Futures, a member company of the K-ICT Born2Global Centre, is one of the final three partnership companies at the 2018 Medtronic Asia Innovation Conference co-hosted by KOTRA and Medtronic.
The company has participated in a training program conducted at Medtronic’s Asia-Pacific headquarters, as one of the final three partnership firms.
Established in 2013, Born2Global is a Korean government agency under the Ministry of Science and ICT(MSIT), which supports the establishment of startups.
Born2Global will select more than 100 startups each year to help enter the global market. It offers services such as professional consulting in law, patents, accounting, marketing, investment and business development.
Born2Global has selected over 50 startups to carry out their business activities at its K-Global Startup Hub. They will also secure consulting services at the Startup campus.