South Korean health tech innovator Sky Labs has achieved a significant milestone in securing $15.3 million in a Series C funding round. The round was led by the government-run Korea Development Bank and included participation from K2 Investment Partners, Devsisters Ventures, SJG Partners, and OpenWater Investment. With this round, Sky Labs’ total investment reaches $40.5 million, following a successful $20 million Series B round in 2021.
Sky Labs is gaining attention for its cutting-edge AI-powered ring-type blood pressure monitor called CART-I BP, which offers continuous monitoring and personalization for individuals with hypertension. This funding marks a noteworthy achievement, especially in the current health tech investment landscape, making it the most substantial funding secured by a health tech company in South Korea this year.
Sky Labs’ flagship product, the CART-I BP, is a wearable device that leverages AI and PPG signals to measure blood pressure continuously. It offers personalized treatment and medication dose adjustment, ultimately enhancing the management of individuals living with hypertension. The initial version of the CART-I focused on monitoring atrial fibrillation using PPG and ECG signals. Subsequent updates expanded its capabilities to include measuring oxygen saturation and blood pressure.
Sky Labs intends to allocate its newly acquired funds for conducting clinical research that aligns with the requirements of hypertension societies and regulators, facilitating market approvals. Additionally, the funding will expedite the acquisition of market licenses and foster marketing and distribution partnerships.
Amid a slowdown in health technology investments, Sky Labs stands out by securing over $10 million, marking it as the most substantial funding round in South Korea’s health tech sector this year. The company’s accomplishment can be attributed to the market’s high expectations for its cuffless continuous BP monitoring device, a unique offering within the medical device market. Lee Seung-Woo, Director of Devsister Ventures, a new investor in Sky Labs, also emphasized the significance of the device’s continuous monitoring capabilities.
In October, Sky Labs, in collaboration with its exclusive distribution partner Daewoong Pharmaceutical, began deploying the CART-I BP across hospitals and clinics in South Korea. The device is expected to be available for online sale shortly. Over the next three years, the company aims to achieve substantial sales, targeting up to $52 million from CART-I BP sales in South Korea alone. Sky Labs’ expansion plans include introducing its ring-type BP monitor to the United States and other European markets, following recent regulatory approvals. The company received clearance from the South Korean Ministry of Food and Drug Safety for the BP monitoring feature on its device in March.
Sky Labs’ successful Series C funding round underscores the company’s innovative approach to continuous blood pressure monitoring and personalization, addressing the needs of individuals living with hypertension. This achievement in securing substantial funding in a challenging investment environment reflects the market’s anticipation of the CART-I BP’s unique capabilities. As Sky Labs aims to expand its market reach and promote its pioneering technology worldwide, its contribution to improving healthcare and patient management is poised to grow significantly.