Exosystems, an AI-based healthcare startup based in Seoul, has raised $3.9 million in Series A funding to improve the treatment for neurorehabilitation patients via AI-powered wearable sensors.
With participation from SBI Investment, Laguna Investment, and Korea Technology Finance Corporation, the round brings the total funding raised by the startup to $4.5 million. SBI Investment Team Lead Lee Joo-hyuk said about the round:
“Exosystems is a company with both AI software and hardware technology, and it makes products in the digital healthcare field that can be commercialized,” said SBI Investment Team Lead Lee Joo-hyuk. He added, “Providing continuous monitoring and treatment outside the hospital is a critical factor in future medical care, and we expect Exosystems to bring about digital innovation not only to musculoskeletal healthcare but to all aspects of people’s health and lives.”
Ever since being founded back in 2017, Exosystems has been gaining relevance in the rehabilitation industry by improving patients’ health with its AI-powered IoT rehabilitation solutions. The technology developed by the startup analyzes digital biomarkers and offers tailored exercise programs or electrical stimulation therapy depending on the findings. Lee Hoo-man, Exosystems CEO, referred to this mission by stating:
“Exosystems will be able to secure competitiveness in the overseas markets because of its unique technology that analyzes digital biomarkers and provides behavioral intervention protocol based on scientific evidence.”
The new capital will allow Exosystems to expand its clinical and technical capabilities, boosting its R&D and overseas business expansion efforts. This will allow the startup to maintain its growth, which have been recently boosted by a government-funded R&D grant, as well as itsdevice being officialy covered by public health insurance.
According to the CDC, work-related musculoskeletal disorder cases have increased over the past years, causing more than $45 billion in compensation costs, lost wages, and lost productivite . Exosystems aims to reduce the more than 70 million yearly physician visits attributed to musculoskeletal disorders in the United Estates alone, all while improving the quality of life of the patients.