Neurofit Secures 19 Billion KRW Series B Funding

[Asia Economy Reporter Hyungsoo Park] Neurofit, a specialized company in artificial intelligence (AI) solutions for brain diseases, has secured large-scale funding from institutional investors. The company plans to establish a global clinical trial foundation for standardized dementia diagnosis technology and expand partnerships with global companies.

Neurofit announced on the 9th that it successfully completed Series B funding by raising a total of 19 billion KRW from seven domestic institutional investors. Participants in the Series B funding included SBI Investment, Kolon Investment, The Wells Investment, ES Investor, FuturePlay, Prafit Asset Management, and J-Curve Investment.

Previously, Neurofit raised 9 billion KRW in Series A investment last year. It received 19 billion KRW in Series B. Existing institutional investors who participated in Series A additionally invested 13 billion KRW in Series B.

Founded in 2016, Neurofit develops brain disease solutions covering the entire cycle of brain disease diagnosis, treatment guidance, and therapy. The company was co-founded by CEO Bin Jungil and CTO Kim Donghyun, who developed the next-generation neuro-navigation system at Gwangju Institute of Science and Technology (GIST).

Neurofit has obtained domestic and European medical device approvals for its neurodegeneration analysis solution, 'Neurofit AQUA (NEUROPHET AQUA),' and supplies it to numerous medical institutions. The company has successfully expanded its business area to brain disease diagnosis. It was selected for the first Dementia Overcoming Research and Development Project’s task to advance dementia imaging diagnosis technology. Neurofit has secured both data and budget to develop advanced dementia diagnosis technology.

Following the Series B investment, Neurofit plans to accumulate business achievements, expand partnerships with global companies, and prepare for global clinical trials to standardize dementia diagnosis. This year, it signed memorandums of understanding (MOUs) for product development and business cooperation with Medtronic Korea and B. Braun Korea.

Bin Jungil, CEO of Neurofit, said, "Existing institutional investors participated heavily in follow-up investments, recognizing our achievements. We will strive to efficiently utilize the investment funds to conduct research and development of leading technologies in the neuro field, secure overwhelming market share, and achieve global expansion, continuously growing as a company."

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