ImagoWorks, Collaborating with Medit, Secures 10 Billion KRW Series B Investment

M&A Big Deal 'Medit' Begins Service Integration, Demonstrates Technical Expertise
BNH Inve, Intervest, KB Inve, Company K Follow-up Investment

[Asia Economy Reporter Kwangho Lee] ImagoWorks, an AI-based digital dental solution company, has secured a large-scale investment. Amid a recent downturn in investment sentiment, the company gained momentum by successfully closing its ‘Series B’ round, considered one of the most challenging stages of investment.

According to the investment banking (IB) industry on the 3rd, ImagoWorks completed a Series B round worth 10 billion KRW. Various venture capital (VC) firms participated in this round, including BNH Investment, InterVest, KB Investment, Company K Partners, LB Investment, and Devsister Ventures.

BNH Investment, InterVest, and KB Investment Company K Partners made follow-up investments. They had previously invested approximately 4 billion KRW in ImagoWorks’ Series A round in February last year. By continuing their support through Series B, they have established themselves as strong financial investors (FIs).

Following follow-up investments from existing shareholders, new shareholders such as LB Investment and Devsister Ventures were secured. Despite the market downturn, they recognized ImagoWorks’ competitiveness and decided to bet on the company. This marks the first time since the company’s establishment that it has recorded an investment exceeding 10 billion KRW.

ImagoWorks is an official spin-off company from the Korea Institute of Science and Technology (KIST), established in November 2019. CEO Youngjun Kim researched human 3D software (SW) technology for 20 years at Seoul National University and KIST. He is growing the business in collaboration with members of his research lab.

CEO Kim holds foundational technology for 3D shape models expressed through points and triangles. Based on this, he integrated AI, CAD foundational technology, and cloud technology. The company is focusing on technological advancement with the goal of becoming a global digital medical solution company.

The software that automates the production of dental prosthetics is an innovation in the industry. True to its name ‘Imago’ (Latin for ‘image’) Works, the company boasts technology specialized in medical imaging. In dentistry, dental CAD software is still used to manually take impressions and create prosthetics tailored to patients.

ImagoWorks digitizes this process using intraoral scanners, 3D software, milling machines, or 3D printers. Prosthetics that traditionally took dental technicians 10 minutes to produce can now be made in just one minute. Moreover, the data exchanged between hospitals and dental laboratories is being made accessible to everyone.

With the rapid rise of digital dentistry, demand for the ImagoWorks platform is expected to surge. The company is simplifying the production process of dental prosthetics such as implants, crowns, dentures, and orthodontic devices, thereby expanding its market dominance. Additionally, it is extending its technology to orthopedics and plastic surgery.

Notably, ImagoWorks gained attention through collaboration with ‘Medit,’ a leading dental 3D scanner manufacturer regarded as a major M&A target. The two companies announced via official SNS that ImagoWorks’ solution ‘3Dme Crown’ has been integrated into Medit’s ‘Medit Link App Box.’ This highlights the vast potential for expansion.

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