Health Tech Startup Sky Labs Receives Investment

South Korean healthcare technology startup Sky Labs has raised $15.3 million in a Series C funding round led by the government-run Korea Development Bank. K2 Investment Partners, Devsisters Ventures, SJG Partners and OpenWater Investment also participated in the investment round. The company is known for its AI-powered ring-type blood pressure monitor called CART BP. It measures blood pressure by tracking PPG signals on the user's finger. The smart ring is capable of continuous BP monitoring, supporting personalised treatment, medication dosage adjustment and overall management of the condition of patients living with hypertension.

Also Read: Evident Vascular Receives $35 Million Investment

Sky Labs 

The first iteration of CART monitors atrial fibrillation using both PPG and ECG signals. Additional features, such as measuring oxygen saturation and blood pressure, came later. Sky Labs said in a statement that it will use its new funds to conduct clinical trials that meet the requirements of hypertension communities and regulators for market approval. It will also be used to accelerate the acquisition of market licences and marketing and distribution partnerships.

Despite a dry spell in investment in the wider health tech market, the startup has managed to raise over $10 million in funding. This is the largest fund raised by any healthcare technology company in South Korea so far this year. The company attributes this to the anticipation of the market for its pioneering cuffless continuous NB monitoring device, a space of its own in the medical device market.