BBB Technologies Inc. (BBB), a mobile healthcare startup, announced $5 million in Series A fundraising. This round’s investors consisted of ID Ventures, POSCO Capital, and Mirae Asset Capital.
BBB released the world's first Android-based mobile blood testing device, elemark®, within six months of its founding in 2014. With elemark®, patients can conduct blood tests themselves and have the test results automatically saved in the cloud for tracking their biomarkers.
BBB also established a US branch at NASA’s Ames Research Center, where BBB and NASA are working together to develop a mobile blood testing device that can be used in space by astronauts. Last year, BBB partnered with Green Cross MS, a KOSDAQ-listed company, to develop mobile blood testing devices, and established an exclusive sales agreement. It also partnered with US-based point of care testing (POCT) manufacturer, Princeton BioMeditech (PBM) Corp.
Through this round of investment, BBB aims to pick up speed in its preparations to launch in the South Korean, U.S., and European markets as well as in R&D of its next product. The next generation of elemark® will focus on the management of chronic diseases and the detection of contagious diseases. Its reveal is scheduled for MEDICA, the world’s biggest trade fair for medical technology.
“From the very beginning, we have executed product development and sales plans with the global market as our target," said Jaekyu Choi, CEO of BBB. "We will concentrate on securing customers and accumulating experience in operating our services, in order to become a leading company in the mobile healthcare market.”
Yeongchul Yu, Head of Venture Investment at ID Ventures, explained, “We decided to invest in BBB after taking note of the competitiveness of its mobile in-vitro diagnostic (IVD) device and the value of its platform in the personal healthcare management market, an area where rapid growth has been predicted.”