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PROPRIETARY
iMediSync receptive to overseas investors for 1H21 pre-IPO; to finalize IPO mandates this week – CEO 23 SEP 2020
iMediSync, a Seoul, South Korea-based AI (artificial intelligence) healthcare company, is looking to raise around KRW 15bn (USD 12m) through a pre-IPO (initial public offering) round in the first half of 2021 to bolster the development of its digital mental healthcare platform, iSyncBrain, according to CEO Kang Seung-wan.
It particularly welcomes US-based investors as it is preparing to get a Food and Drug Administration(FDA) approval for its early diagnostic solution for cognitive disorder, he said. It particularly welcomes pharmaceutical and insurance companies, which can leverage iMediSync’s mental care platform to reduce operational costs, added Kang.
The company plans to form partnerships with US-based insurance players as an opportunity to enter the US market by end of this year, he explained. Moreover, it is currently conducting co-research with Technion – Israel Institute of Technology and Massachusetts General Hospital and would utilize this network for the US entry, continued Kang.
Meanwhile, it is looking to raise about KRW 130bn via a listing on the KOSDAQ by the second quarter of 2022, said Kang.
The capital raised would mainly be used to expand its platform. However, proceeds could also go towards financing the acquisition of AI rms in US or Israel that could strengthen its AI tech, Kang said.
Looking ahead, the company aims a secondary listing on the Nasdaq, and anticipates aggressive business expansion in the US, he said.
It has shortlisted Samsung Securities, Hana Financial Investment and Korea Investment &Securities for the IPO, said Kang, adding that it could possibly select two lead managers. It plans to finalize the mandates by this week, he said.
It recently distributed requests for proposal (RFP) to mandate an IPO manager for a KOSDAQ listing, as reported by local media on 15 September.
The company raised KRW 5bn through a Series B round led by Korea Development Bank this April, said Kim without disclosing the post-money valuation. South Korean Shinwoo Accounting and Law Firm LIN advised the funding round, said Kang.
iMediSync specializes in identifying biomarkers in early-stage mild cognitive impairment – which could later lead to other illnesses such as dementia, depression, Parkinson’s disease and addiction with its quantitative electroencephalography (QEEG) powered by its AI technology, according to its IR document.
Its flagship iSyncBrain is an automated brainwave analysis engine equipped with a standardized normative database, which is exclusively acquired from National Standard EEG Data Center at Seoul National University, said Kim. Its product was approved by the South Korean Ministry of Food and Drug Safety for medical device usage earlier this year and is planned to be commercialized next year.
iMediSync was founded in 2013 by Kang, who is the largest shareholder owning about 59% stake. The company employs 38 people, he noted.
Besides running the company, Kang is also a professor at Seoul National University’s College of Nursing.
by Jenny Lee in Seoul
