Medipixel - 5 million US$ sales contract in India

Written By Aaron Shin

In addition to the recent completion of its Series B funding round, there are many other good news related to Medipixel, a cardiovascular AI company.

  • The company was the only Korean company to be recently selected as one of the "2023 Digital Health 50" by CB Insights, a global market research firm.

  • Medipixel won first place in the MICCAI ARCADE competition, a global medical imaging conference, in the cardiovascular AI algorithm category. The company competed against 351 teams from around the world.

  • Medipixel won the "MedTech Innovator Asia Pacific 2023" competition, a healthcare innovation program held in Singapore.

  • Medipixel signed a 60 billion won (around 5 million US$) sales contract with Innvolution Healthcare, an Indian medical device company.

All of these news are great for investors, but the purchase contract with the Indian device company is a very significant achievement for an AI company. To commercialize new technologies such as AI in the healthcare industry as a large-scale business, there are many difficult challenges, such as:

  • Sufficient clinical trials and validation

  • Approval from relevant institutions such as the FDA

  • Listing in insurance fees

  • Sufficient awareness among doctors and related field officials through repeated publications in academic journals and attendance at conferences

  • Adoption and approval by doctors who are very discerning

  • Securing the supply chain through collaboration with appropriate partners

  • Appropriate policies for the ownership and use of sensitive data

  • Rational and scalable business models and pricing

I would like to thank all staffs of Medipixel for delivering these good news before the end of 2023, a year that has been very difficult.

Aaron Shin
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Medipixel - Series B round