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Naver, a leading portal company in Korea, is making a strategic investment of more than 10 billion won in the medtech startup Integration. It is part of efforts to strengthen its medical artificial intelligence (AI) and healthcare business, which Naver has marked as a new growth driver along with digital asset, and it previously acquired an electronic medical record (EMR) service company.
According to the venture capital (VC) industry on the 22nd, Naver (NAVER) recently decided to invest about 11 billion won by joining Integration's new fundraising round. Naver reportedly began reviewing the investment in Nov. and decided in just over a month. The capital payment is also scheduled for this month.
The investment is said to be structured so that VC TBT Partners forms a project fund with Naver's capital to purchase a portion of Integration's common existing shares and redeemable convertible preferred shares (RCPS). Integration's corporate value was set at about 130 billion won on a post-money valuation basis (enterprise value after investment).
Integration began as a community that shared practical information for Korean medicine clinic owners and was incorporated in 2019. Through its Korean medicine doctor platform Medistream, it supplies management indicator software as a service (SaaS) and also sells medical devices and medical materials needed for hospital operations.
In 2021, it merged with Denier, the operator of the dental platform Morethan, growing into a company that encompasses Korean medicine and dentistry. It later introduced "Members," a management support solution for neighborhood Korean medicine clinics and neighborhood dental clinics. The key is enabling the improvement of hospital and clinic service quality by using various data, such as treatment fees and the number of patients.
Naver's latest investment is seen as a strategic move to maximize synergy between Integration's hospital and clinic data and Naver's healthcare ecosystem. This year, Naver has invested one after another in the clinical trial platform JNP Medi and the body composition analysis company InBody to advance its healthcare platform.
This is the fourth healthcare investment this year, and last month it also acquired the EMR service company Cenacle. Cenacle is a medtech company that offers the cloud EMR service "Orachart" and the health management application "Clea," and it is classified as a company aiming to target internal medicine, otolaryngology, and pediatrics, among others.
Naver is expected to push ahead with advancing medical AI by expanding its healthcare platform. In fact, Naver is focusing on a "medical sovereign AI" based on its healthcare business. Earlier, it joined hands with Seoul National University Hospital to introduce "KMED.ai," which uses data such as outpatient records and surgical records.
Naver, which envisions building a financial platform that spans the digital asset market through the merger of Naver Financial and Dunamu, the operator of Upbit, is also seen as taking an aggressive step in healthcare. Naver founder Lee Hae-jin chose Seoul National University Hospital for the first official move after returning to the front line of management early this year.
Founder Lee Hae-jin also attended the "Medical AGI Forum" held at Seoul National University Hospital in Jongno-gu, Seoul, on the 28th of last month. At the forum, Lee said, "I hope the message gets across that Naver is serious about medical AI," and added, "I believe the clue to how Naver will survive in the AI era lies in medical AI."
Meanwhile, TBT Partners, which has stepped up as the investor in Integration, is regarded as a VC nurtured by Naver. It is a VC founded by a CEO who served as the head of Camp Mobile, a Naver subsidiary, until 2016, and it formed its first fund before being registered as a small and medium enterprise creation investment company based on Naver's capital.