Weisen Selected as the First Domestic Investment Company by SparkLabs' 'Saudi Fund'

Weisen announced on the 18th that it has been selected as the first domestic investment company of the Saudi fund operated by SparkLabs Group, a global accelerator (AC) and venture capital (VC).

Medical staff at Jeonju Jesus Hospital using Weisen's AI endoscopy solution 'Weimed Endo'
[Photo by Weisen]

Last month, SparkLabs Group completed the formation of the 'SparkLabs AIM AI' fund, worth $50 million (approximately 67 billion KRW), aimed at nurturing and investing in AI startups worldwide. The fund is reportedly fully funded by the Saudi Arabian government.

This first investment from the Saudi fund is evaluated to have been made in recognition of Weisen's AI stomach and colon endoscopy technology, Weimed Endo, as well as its global business achievements. In February, Weisen signed a strategic sales contract with Megamind, a Middle Eastern medical specialist company based in Saudi Arabia. Additionally, Weisen is actively targeting the Middle Eastern market by supplying Weimed Endo to large hospitals in Saudi Arabia, the United Arab Emirates (UAE), and other Middle Eastern countries.

Weisen plans to focus on expanding the global business of AI endoscopy and advancing its products using the investment funds. Furthermore, through close cooperation with already secured Middle Eastern partners, Weisen aims to rapidly expand Weimed Endo in the Middle Eastern market and accelerate the globalization of Weimed Endo by leveraging SparkLabs' global market entry know-how, using the Middle East as a foothold.

Kim Ho-min, co-CEO of SparkLabs, said, "Interest in domestic AI startups is high in Middle Eastern countries including Saudi Arabia, to the extent that investments in Korean companies were made just one month after the fund's formation." He added, "With this investment as a starting point, SparkLabs Group will establish itself as a running mate that opens the way for qualitative growth and global expansion of AI startups."

Kim Kyung-nam, CEO of Weisen, said, "It is an honor that Weisen can be the first to start the fund that AI startups worldwide are paying attention to." He added, "Weimed Endo is an AI medical device software that assists in stomach and colon endoscopy examinations and has been receiving high acclaim in medical markets including Southeast Asia and the Middle East. With this investment, we will do our best to achieve a successful business landing in overseas markets."

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