'EverX' Musculoskeletal DTx Raises 8 Billion KRW in Series A Funding

EverX, a company specializing in digital rehabilitation treatment solutions for musculoskeletal systems, announced on the 15th that it has successfully secured 8 billion KRW in Series A funding.

EverX CI
Photo by EverX

This investment round saw LG Electronics participate as a strategic investor (SI), with new participants including Premier Partners, Woori Venture Partners (formerly KTB Network), KB Securities, Insight Equity Partners, Quad Asset Management, Hana Ventures, and Samsung NEXT. Existing investors Spring Camp and Big Move Ventures also joined in follow-up investments.

EverX plans to accelerate the commercialization of ‘MORA,’ a musculoskeletal rehabilitation and exercise treatment solution, using the funds raised. Additionally, the company will focus on clinical trials for regulatory approval of two MORA-based digital therapeutic devices (DTx) targeting patellofemoral pain syndrome and chronic low back pain, while also planning to enter the U.S. market. It is currently in the process of registering these devices as medical devices with the U.S. Food and Drug Administration (FDA).

MORA is a digital rehabilitation and exercise treatment solution specialized for musculoskeletal disorders, based on artificial intelligence (AI) technology and medical evidence. Patients can perform exercise therapy and musculoskeletal function assessments anywhere using only the camera on a portable device through posture estimation AI technology. Medical professionals can also prescribe rehabilitation and remotely monitor patients using AI technology, reducing time and economic burdens while improving patient accessibility in rehabilitation exercise therapy. Currently, MORA is being piloted in domestic hospitals and clinics, and some Korean companies are using it as a solution for managing musculoskeletal health of their employees.

Yoon Chan, CEO of EverX, stated, “Considering the frozen investment environment since the second half of last year, this investment holds great significance.” He added, “It is the result of recognition of EverX’s team’s computer vision AI technology, medical expertise in rehabilitation treatment, and commercialization capabilities of software as a medical device (SaMD).” He continued, “During the investment process, we conducted intellectual property patent infringement analysis on core technologies and obtained an excellent ‘TI-3’ rating through the Tech Credit Bureau. We will strive to achieve meaningful results to establish ourselves as a leader in musculoskeletal disorder DTx.”

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