by Jang Hyowon
Published 24 Apr.2023 08:24(KST)
Updated 21 Jul.2023 13:57(KST)
Diabetes total solution company G2e announced on the 24th that it has successfully raised 8.5 billion KRW in Series B funding.
The company explained that this Series B round was aimed at raising funds to strengthen research and development capabilities and was a pre-IPO type investment. A total of five investors participated in this round, including three professional investment institutions?Kolon Investment, which participated in the Series A round, Sema Investment, and Daily Partners?and two strategic partners, Huons and Sori SB. In March, G2e also signed an exclusive domestic distribution and sales agreement for the smart insulin pen (DIA:CONN P8) with Huons, and recently obtained GMP approval to begin full-scale product supply.
Jung Chang-beom, CEO of G2e, said, “Despite the contraction in the investment market, we were able to successfully complete the investment because G2e’s current value and growth potential were highly evaluated. We will enhance the diabetes healthcare platform to complete the APS (Artificial Pancreas System) and establish a steady growth foundation through a future listing on the KOSDAQ market.”
G2e began by raising 1 billion KRW from the Zion Regeneration Support Fund in 2021 and subsequently secured 7.5 billion KRW in Series A funding from domestic institutions including Kolon Investment, NH Investment & Securities, i-SENS, and professional investors. Since the company officially started its diabetes healthcare platform and insulin infusion device business in 2019, the total accumulated investment raised to date amounts to 16 billion KRW.
Meanwhile, established in August 2000, G2e is a specialized diabetes healthcare platform company that manufactures and sells platform-based automatic insulin infusion devices. In its early years, the company specialized in designing, building, and operating public healthcare information systems, accumulating know-how in public healthcare information construction and management. Since 2019, it has been operating primarily under the ‘DIA:CONN’ brand, supplying diabetes healthcare platforms and related automatic insulin infusion devices (pumps and pens).
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