Mediwhale receives $12 million in funding for AI retina scan technology that predicts cardiovascular and metabolic diseases

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Mediwhale, an artificial intelligence-powered diagnostics company, has received Series A2 investments for $12 million to help fund its retina scanning technology to diagnose cardiovascular and metabolic diseases.

According to the company, financing was led by the Korea Development Bank (KDB), with participation from Woori Venture Partners, IMM Investment, Mirae Asset Securities, and other investors. This funding follows $2 million in Series Pre-A funding in 2021, and $9 million in Series A funding in 2023.¹

The company’s flagship product is Reti-CVD, an AI diagnostic solution that autonomously assesses future cardiovascular disease risk using a retina scan. According to the company, the scan is a simple, radiation-free test that provides highly accurate results equivalent to the coronary artery calcium score derived from a cardiac CT scan in predicting cardiovascular risk.¹

Reti-CVD has been approved for private reimbursement in Korea since June 2023, and has been utilized in over 7,200 cases across 57 medical institutions.¹ Mediwhale stated the company plans on using the funding to advance the technology and seek FDA approval for Reti-CVD, as well as develop new products to predict chronic kidney disease risk.

Kevin Choi, CEO of Mediwhale commented on the funding in a press release from the company stating, “With our pioneering technology, developed and commercialized as a world first, we aim to lead the global market in cardiovascular and metabolic disease management. We are determined to secure FDA De Novo approval by 2025, with plans to launch our product in the United States shortly thereafter.”

Aside from cardiovascular health, Mediwhale also has technologies in development for chronic kidney disease, diagnostic solutions for glaucoma, cataracts, and other retinal diseases, and an AI diagnostic solution to estimate biological age.

References:

1. Mediwhale Secures $12 Million in Series A2 Funding to Drive Global Leadership in Cardiovascular and Metabolic Disease Management. Press Release; September 26, 2024. Accessed September 30, 2024. https://mediwhale.com/mediwhale-secures-12-million-in-series-a2-funding-to-drive-global-leadership-in-cardiovascular-and-metabolic-disease-management/