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

Published 11 Jan.2021 08:41(KST)

[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.”