Healthcare startup Huinno raised US$6.9 million in a series A round from Aju IB Investment, Smailgate Investment, Neo Plux Investment, Synergy IB Investment, Dayli Partners and Shinhan Capital. Total funding to date is US$8.9 million.
With the fresh funding, the company will start a large scale clinical trial of arrhythmia patients.
Huinno’s proprietary technology offers a convenient way to test for arrhythmia, offering diagnoses from just a watch and an AI-based data analysis algorithm. In contrast, existing holter monitors require patients to wear them for 24 hours, visit a doctor over 5 times, while taking doctors over 2 hours to analyze the data.
The company’s wearable ECG was the first watch-shaped ECG approved as a medical device by Korea’s Ministry of Food and Drug Safety.
Huinno is planning to launch an AI-based ECG analysis software that is expected to reduce as much as US$1.7 billion in annual medical expenses by enabling early diagnosis of arrhythmia.
The company is currently working with government agencies for necessary paperwork to launch its product.