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Global Healthcare Startup Sky Labs Attracts Investments Totaling KRW 20.7 Billion in a Series C Round

Global Healthcare Startup Sky Labs Attracts Investments Totaling KRW 20.7 Billion in a Series C Round

- Major investors include Korea Development Bank (KDB), K2 Investment Partners, DEVSISTERS VENTURES, SJG Partners, and OPENWATER INVESTMENT

- Distribution of 'CART BP,' a ring-type cuffless blood pressure monitor that enables continuous blood pressure measurement and monitoring 24/7, will be fully launched to hospitals and clinics across Korea through a distribution agreement signed with Daewoong Pharmaceutical for the Korean market

SEOUL, South Korea, Oct. 17, 2023 /PRNewswire/ -- The global healthcare startup Sky Labs(CEO Jack, Lee) attracted investments amounting to KRW 20.7 billion in a Series C round. The company's cumulative investment attraction amount is around KRW 54.8 billion.

Picture of the CART BP Product
Picture of the CART BP Product

The recent investment was led by Korea Development Bank (KDB), a government-run bank in Korea, and participated in by K2 Investment Partners, DEVSISTERS VENTURES, SJG Partners, OPENWATER INVESTMENT, and others. Amid a downswing in investment sentiments and recently rare investments in the bio-healthcare sector, Sky Labs attracted more than KRW 20 billion in investments, thus proving market anticipation.

'CART BP' is a ring-type cuffless continuous blood pressure monitor, breaking away from the traditional cuff-based blood pressure monitor, and enables continuous blood pressure measurement and monitoring 24/7. Appropriate treatment strategies and medication dosage adjustments can be made based on diverse blood pressure data over time, including nighttime blood pressure, morning blood pressure, and blood pressure variability. CART BP also tracks how lifestyle habits, such as sleep and stress management, exercising, drinking, and reactions to taking blood pressure pills, can impact blood pressure levels. By doing so, it helps hypertension patients manage their blood pressure levels and contributes to the prevention of cardiovascular disease. A research paper on CART BP's blood pressure measurement algorithm technology was published in 'Nature Scientific Reports,' a world-renowned scientific journal, reflecting recognition of our technological prowess.

Along with receiving approval from the Ministry of Food and Drug Safety for CART BP, Sky Labs signed a distribution agreement for the Korean market with Daewoong Pharmaceutical in June. Distribution of CART BP to hospitals and clinics across Korea will be launched in October. Online sales to the general consumers coming shortly afterward. Sky Labs aims to sell around KRW 70 billion worth of CART BP in the next three years in Korea alone. It plans to expand global market entry of CART BP in line with approval from the US Food and Drug Administration and CE marking in Europe next year.

Director Lee Seung-woo of DEVSISTERS VENTURES, who is a new investor in the recent investment, stated, "Sky Labs has successfully developed a wearable device for 24/7 continuous blood pressure monitoring, a capability previously lacking in existing blood pressure monitors. They have also made significant progress in AI algorithm development, clinical validation, and obtaining approvals. This will make it easier for physicians to access the information necessary for treating hypertension patients. I expect this could become a prime example of AI in healthcare, setting a new standard similar to the CGM (continuous glucose monitor)."

Sky Labs CEO Jack, Lee said, "CART BP created a new field, which is a cuffless blood pressure monitor that continuously takes long-term measurements 24/7. Based on the recent investment, we will conduct clinical research that meets levels demanded by hypertension societies in Korea and abroad and continually secure relevant grounds, in addition to strengthening our world-leading technological advantage and expediting overseas approval acquisition and overseas marketing and distribution."

Website: https://skylabs.io/

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