According to The VC, a startup investment database, the amount domestic startups raised last year from venture capital firms and other investors in Korea and overseas totaled 12.5505 trillion won, surpassing 10 trillion won for the first time ever. The startup boom is not limited to any one field. Even professionals such as doctors, lawyers, and accountants are leaving stable jobs to launch startups. Toss CEO Seunggun Lee, for example, is a former dentist. We visited the scene of a startup wave in the medical community, where many are dreaming of “the next Toss.”

D.CAMP (the Banks Foundation for Young Entrepreneurs) and Seoul National University College of Medicine co-hosted a Mini D-Day (startup competition) on the SNU College of Medicine campus on the 18th of last month. It is an event where early-stage teams—each including at least one current student (undergraduate or graduate), researcher, or alumnus of SNU College of Medicine—present their business models. Five teams advanced to the finals, and the judging panel included Changyoon Lee, Head of D.CAMP’s Direct Investment Team; Junghoe Koo, Managing Director at LB Investment; and Seunghwan Mok, CEO of SNU Technology Holdings, among others.

First place went to “Kai Health,” which presented an application (app) that uses artificial intelligence (AI) to select the best embryos. For IVF to succeed, a good embryo must be chosen, and a trained algorithm selects strong candidates based on data. Dr. Hyejun Lee, an infertility specialist and CEO of the company, said, “We plan to launch the official service after completing data collection and AI training.”

Second place went to “LumanLab,” which developed an app to identify developmental delays early in infants and toddlers. Users upload a video of a child, and the AI measures muscle movements and other signals to assess developmental status. If a developmental disorder is suspected, the app suggests appropriate treatment options and connects users with relevant clinics and hospitals. LumanLab CEO Jaehyun Lim said, “We plan to release the official service in March.”

Senior healthcare service “NoriCare” took third place. It assesses older adults’ health status and proposes personalized exercise programs to support cognitive and physical function. When an exercise coach inputs progress into the system, it recommends optimized exercises in real time based on the situation. Another finalist, “Detox Healthcare,” was a team of four SNU medical students that created a smoking-cessation app called “Shepherd.” It supports quitting through personalized cognitive behavioral therapy. People experience stronger cravings at different moments—such as after meals or right after waking—and when a user performs certain actions like eating, the app automatically sends notifications that remind them they are in the process of quitting.

“Women Doctors” is a team formed by three physician friends. They are developing an app that recommends optimal prescriptions through an algorithm after a patient inputs symptoms. CEO Hanna Jin said, “We want to contribute to ‘patient-centered care’ that focuses treatment on what patients find most uncomfortable.”

Winning teams received a total of 5 million won in prize money and an opportunity for seed investment. They can also move into Front1, a shared startup office space. Youngduk Kim, Executive Director at D.CAMP, said, “To succeed in business, attitude—such as an open mindset—is also important,” adding that he hopes “founders with good ideas and the right mindset will emerge and succeed.”

Source: Chosun Ilbo (chosun.com), January 5, 2022. Korean original; English translation.

Finding the Top-Ranked Embryo, Detecting Developmental Delays Early in Infants and Toddlers… Medicine, Too, Is Seeing a Startup Boom