Company’s AI-powered technology detects cardiovascular conditions, chronic kidney disease, and biological aging from retinal biomarkers.
South Korean health diagnostics company Mediwhale has secured $12 million in a Series A2 funding round to support the development of AI-powered detection of chronic and age-related diseases. Founded in 2016, the curiously named firm uses AI to analyze standard retinal images for biomarkers of disease, as it aims to make early detection more accessible in primary care settings through the use of non-invasive retinal scans.
Mediwhale’s platform, Reti-Intelligence, uses retinal images to predict a range of diseases, including cardiovascular conditions, chronic kidney disease, eye disorders and biological aging. The tools are designed for ease of use, working with standard retinal photographs captured by a fundus camera, and generating results automatically within minutes. The platform is built on multiple deep learning algorithms, which the company claims have been validated by medical experts to have an accuracy of 92% sensitivity and 95% specificity.
Targeting the early identification of cardiovascular disease risk, Mediwhale’s flagship product, Reti-CVD, provides a radiation-free alternative to industry standard tests, with the company claiming its tool has a predictive accuracy comparable to the coronary artery calcium score from a CT scan. Since receiving private reimbursement approval in Korea last year, Reti-CVD has been used in thousands of cases across the country.
The latest funding round was led by Korea Development Bank, with additional participation from Woori Venture Partners, IMM Investment and Mirae Asset Securities. This round brings the total invested in the company to $23 million, following a $2 million seed round in 2021 and a $9 million Series A round in 2023.
“Mediwhale is the first company in the world to develop and commercialize medical AI that can predict cardiovascular disease risk through a simple eye exam,” said a spokesperson for Korea Development Bank. “We have decided to invest actively, confident that Mediwhale will make history in AI-driven prediction of cardiovascular and metabolic diseases both domestically and globally.”
With the new capital, Mediwhale intends to further enhance its AI algorithms and expand its product pipeline with new diagnostic tools, and the company is aiming for US FDA approval for Reti-CVD next year.
“With our pioneering technology, developed and commercialized as a world first, we aim to lead the global market in cardiovascular and metabolic disease management,” said Kevin Choi, CEO of Mediwhale. “We are determined to secure FDA De Novo approval by 2025, with plans to launch our product in the United States shortly thereafter. Additionally, to maintain a competitive edge, we will significantly enhance our AI performance and expand our product pipeline to include chronic kidney disease prediction.”
