A number of financial investors (FIs), including a Taiwanese private equity fund (PEF) management firm, invested 23 billion won in Imago Works, a dental artificial intelligence (AI) solution corporation. Imagoworks has raised a total of 38 billion won in funding.
According to the investment banking (IB) industry on the 31st, Imago Works recently completed its Series C funding round. Domestic venture capitals (VCs) ▲Stick Ventures and ▲K2 Investment led the investment, and ▲T.S. Investment also participated.
IBK Industrial Bank of Korea and Trianchor Capital Group, a Taiwanese healthcare-focused PEF management firm, also joined as investors. Existing investors LB Investment and Company K Partners conducted follow-up investments.
Established in November 2019, Imagoworks provides AI solutions based on proprietary 3D CAD technology and 3D medical data. The company serves dentists and dental technicians in over 110 countries, including the U.S., Japan, and South Korea.
In particular, the Japanese market is handled by Ci Medical, a dental distribution corporation that is the exclusive distributor. Ci Medical, which is also a strategic investor (SI) in Imagoworks, supplies Imagoworks’ AI solutions through its network of over 65,000 dental institutions and laboratories.
Imagoworks plans to use this investment to target overseas markets. The company aims to expand its business scope through overseas operations via its U.S. entity and to significantly expand its dental prosthesis manufacturing services within the U.S. In addition, they plan to allocate funds for talent acquisition, product performance enhancement, and research and development.
Imagoworks established a local corporation in Texas in June 2024. It is acquiring a local dental laboratory to target the North American market with its automatic design solution for dental prosthetics called “Dentbird Solutions.” The company has also launched an AI-based full restoration prosthesis service called “AOX.”
Kim Young-jun, CEO of Imagoworks, noted, “This funding round recognized the excellence of Imagoworks’ technology and the market competitiveness of our products,” and stated, “We will strive to become a global corporation.”