[StartupRecipe] AI Healthcare Startup Funding on the Rise in Korea

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#Weekly Funding Overview

[Feb 17~ Feb 21]

Company	Inudustry	Amount	Round	Investors
MPAG	AI-based digital sheet music platform	-	Grant	Post Tips
Palmcove	Refurbish commerce	700 million	Series A	ViNe Ventures
Atti Food	Pet Food	-	M&A	LIMPID
Connecteve	AI Medical Software	14 billion	Series A	DSC Investments, Schmidt, Stonebridge Investments, Reventures, BSK Investments, TS Investments, IMM Investments, JB Investments, Big Move Ventures
Wearable AI	Autonomous mobility	-		Quad Ventures, Naver D2SF, POSTECH Holdings
Humeal	Food tech	2 billion		EAST GATE PARTNERS, CJ Investment
Better Way Systems	Digital Printing Platform	4 billion		Gravity Private Equity
Ride	Mobility	4 billion		IMM Investment, Infobank
Petpharm	Veterinary Medicine Distribution	1.5 billion		Crit Ventures
Purple AI	AI Neurological Diagnostics	2.5 billion	Pre Series A	Murex Partners, Big Basin Capital, Mashup Ventures, Digital Healthcare Partners
Born to standout	Niche Perfume Brand	-	Series A	BOLD, Touch Capital
Dentiple	Dental Implant	-	Grant	TIPS
Twinwiz	Materials	-	Seed	CNTtech
Constant	Hair loss solution	2 billion	Series A	Hana Ventures, KODIT, Spring Camp
Broot Lab	Microalgae & Biomaterial	1 billion	Pre Series A	Vine Ventures, Smart Study Ventures
Healing Paper	Beauty platform	42.8 billion	Series C	Korea Investment Partners, Shinhan Venture Investment, KT Investment, IIMM Investment, Kiwoom Investment
Athome	Home lifestyle solution	18 billion	Series A	Korea Investment Partners, Shinhan Venture Investment, Hana Ventures
Rovothome	Robotics interior solution	-	Grant	TIPS
MPAG	Digital music sheet	-	M&A	Dunamoo
MbaaS	App service	-	Seed	Heim Venture Investment
SC Solution global	Intellectual Leak Detection	-	Grant	Scaleup TIPS

#Major Funding

• Healing Paper has secured 42.8 billion won in Series C funding, bringing its total investment to 66.1 billion won. Founded in 2012, the company operates Gangnam Unnie, a beauty and plastic surgery platform. The new funding will be used to actively expand into new business areas and accelerate global market entry.
• Connecteve has raised 14 billion won in Series A funding, reaching a total investment of 18.8 billion won. Founded in 2021, this healthcare startup develops AI-based medical solutions. Their key products include Connecteve X, an AI-powered X-ray image musculoskeletal precise analysis system, and Connecteve R, an AI-based robotic system for joint replacement surgery.
• Home life solution company at Home has secured 18 billion won in investment. The company achieved 50 billion won in revenue within five years without prior investment funding. They own several brands including Minix (mini home appliances) and Clien (robot vacuum cleaners). The company plans to enter global markets in 2025.

#Trend Analysis

AI Healthcare Startup Funding on the Rise in Korea

The intersection of artificial intelligence (AI) and healthcare is garnering significant attention in the investment landscape. As AI-driven healthcare solutions continue to emerge, investor interest in this sector is accelerating. Globally, healthcare remains an attractive domain for investors, with AI-powered companies demonstrating particularly strong performance.

A similar trend is evident in South Korea. According to Startup Recipe’s investment report, the Korean healthcare sector has exhibited consistent growth since 2020. Even during the global investment downturn of 2022-2023, healthcare investments experienced a relatively moderate decline of 40%, compared to the 50-80% declines observed in other industries. In 20234, healthcare ranked as the second most attractive sector for investments, underscoring its strong market appeal.

Korean AI healthcare startups are at the forefront of innovation across multiple domains, including AI-based medical imaging, personalized health management, AI-driven drug development, and medical devices. Notably, among the companies that secured investments exceeding 10 billion won in the past year, those specializing in AI-powered medical devices and diagnostic software stood out.

Investment activity has remained robust in early 2024. AI drug safety monitoring firm seltasquare secured 9.2 billion won, while Connecteve, an AI-driven musculoskeletal medical software company, raised 14 billion won. Early-stage startups have also garnered investor confidence, with Soombit AI securing 4 billion won and Purple AI, a brain hemorrhage diagnostics specialist, raising 2.5 billion won.

Publicly listed companies in this sector are also making strides. Leading AI healthcare firms such as Lunit, VUNO, and LifeSemantics reported revenue growth in the past year, while newly listed Three Billion, an AI-based rare genetic diagnostics company, continues its upward trajectory. Rainbow Robotics’ announcement of its entry into medical AI robotics development further underscores the sector’s growth potential. Although many listed AI healthcare firms have yet to achieve profitability, there are expectations of improved financial performance through global market expansion and continued innovation.

According to a Samjong KPMG report, Korea’s AI healthcare market is projected to expand at a compound annual growth rate of 50.8%, reaching $6.7 billion by 2030. Furthermore, a Startup Recipe survey ranks healthcare as the second most preferred sector for venture capital investment, highlighting sustained investor confidence despite broader market uncertainties.