SEOUL, September 14 (AJP) - South Korean digital health company HUINNO has passed a technology review required for a special KOSDAQ listing, moving its initial public offering (IPO) process to the next stage.
The company said Monday it received an A rating and a BBB rating from two evaluation agencies designated by the Korea Exchange (KRX), meeting the technology requirement for the listing route. HUINNO develops artificial intelligence (AI)-based medical technology, including wearable systems for heart monitoring.
“We will thoroughly prepare for the follow-up procedures and expand the supply of our solutions to medical institutions at home and abroad based on our AI analysis capabilities and product safety,” CEO Kil Young-jun said.
The assessment focused on HUINNO's technology for electrocardiogram, or ECG, diagnosis and patient monitoring. The company combines AI with wearable medical devices to help doctors detect abnormal heart rhythms and track patients over time.
Arrhythmias can occur intermittently and may not appear during short hospital tests. Longer ECG monitoring can help doctors detect irregular heart activity that might otherwise be missed.
HUINNO's Memo Care system records ECG data through a wearable device for up to 14 days. Its AI software analyzes readings to diagnose arrhythmias.
The service has been introduced at major tertiary hospitals in South Korea and is also being adopted by general hospitals and smaller clinics, according to the company.
Memo Cue, another solution from HUINNO, is designed for hospitalized patients. It allows medical staff to monitor ECG readings and other vital signs in real time and has been adopted mainly by tertiary hospitals.
HUINNO said its in-house AI technology can identify abnormal signals in ECG data and support doctors in interpreting the results. Its wearable ECG patch also includes protection designed to improve electrical safety during defibrillation.
The company has raised about 80 billion won ($59.4 million) from South Korean institutional investors. Yuhan Corp., a South Korean pharmaceutical company, is both a strategic investor and HUINNO's domestic distribution partner.
It is also expanding overseas. Memo Care has received medical device certification in Japan, and the company has signed an exclusive distribution agreement with a local partner covering the Japanese market.
It is preparing to launch Vital Picasso, an AI-based clinical decision support system designed to help medical staff detect signs that a hospitalized patient's condition may be worsening.
AJP Takeaways
- South Korean digital health company HUINNO passed the technology assessment required for a special KOSDAQ listing after receiving A and BBB ratings from two Korea Exchange-designated evaluation agencies.
- The company plans to move toward a preliminary listing review as it pursues an IPO, with its technology centered on AI-powered ECG analysis and wearable patient-monitoring devices.
- HUINNO has raised about 80 billion won from institutional investors, entered the Japanese market with Memo Care and is preparing a new AI system designed to detect deterioration in hospitalized patients.
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