Midas AI Invests 6 Billion KRW in Zion Trading... Expanding Medical Device Business

[Asia Economy Reporter Eunmo Koo] Midas AI is laying the foundation for growth by expanding its new business in the medical device sector.

Midas AI announced on the 8th that it has acquired 6 billion KRW worth of convertible bonds with warrants (BW) from Zion Trading.

Zion Trading is a medical device distribution specialist company established in 2018. Within one year of its founding, it recorded sales of 8 billion KRW and an operating profit of 1.6 billion KRW, and as of November last year, it achieved sales of 7 billion KRW and an operating profit of 1.6 billion KRW. In particular, despite being a startup, it has rapidly expanded its product range with various medical devices, including additional handling of COVID-19 diagnostic kit-specific reagents due to the spread of the novel coronavirus (COVID-19) last year. In September, Midas AI entered the medical device business by securing exclusive rights for specimen collection kits and COVID-19 diagnostic kits in Africa and Brazil through a partnership with Philosis.

A representative from Midas AI stated, “Zion Trading is a suitable partner for expanding the medical device business as it has a diverse product portfolio including blood glucose meters and artificial joint implants,” and added, “We also plan to carry out cooperative projects utilizing Zion Trading’s domestic and international sales networks.”

This content was produced with the assistance of AI translation services.