Korean healthcare startup Sky Labs has secured approx. $15 million in a Series C funding round. The funds will be used to advance the company’s ring-type cuffless blood pressure monitor, which provides 24/7 continuous blood pressure monitoring.
A departure from traditional cuff-based devices, the ring-based product, called CART BP, enables the collection of diverse blood pressure data over time, including nighttime and morning readings, as well as blood pressure variability. Additionally, CART BP monitors the impact of various lifestyle factors, such as sleep quality, stress management, exercise, dietary habits, and the influence of blood pressure medication.
Sky Labs claims its holistic approach to monitoring provides hypertension patients with effective tools to manage their blood pressure levels and helps support prevention of cardiovascular disease. The company’s blood pressure measurement algorithm was recently published in Nature Scientific Reports.
“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,” said Jack Lee, CEO of Sky Labs.
CART BP received approval from Korea’s Ministry of Food and Drug Safety, and Sky Labs signed a distribution agreement with Daewoong Pharmaceutical for the Korean market in June. As a result, the distribution of CART BP to hospitals and clinics across Korea is set to begin imminently, with online sales to the general public expected to follow.
Sky Labs aims to exceed $50 million in CART BP sales in Korea over the next three years. The company also plans to expand into the global market, contingent on approvals from the US FDA and obtaining CE marking for European market entry, both anticipated next year.
The round was led by Korea Development Bank (KDB) with participation from including K2 Investment Partners, Devsisters Ventures, SJG Partners and Openwater Investment, among others, bringing the total raised by the company to approx. $40 million.
“Sky Labs has successfully developed a wearable device for 24/7 continuous blood pressure monitoring, a capability previously lacking in existing blood pressure monitors,” said Lee Seung-woo of Devsisters Ventures. “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).”