Mediwhale, a Korean medical AI company specializing in retinal imaging analysis, has closed a 20 billion KRW ($13.3M) Series C funding round, bringing its total raised capital to approximately 51.2 billion KRW ($34.1M).

Premier Partners led the round, with KB Investment, Quad Investment Management, IMM Investment, Hana Ventures, AON Investment, and Startup Partners participating as co-investors.

Founded in 2016, Mediwhale develops medical AI software that predicts the risk of cardiovascular and cardiometabolic conditions — including chronic kidney disease — using retinal images. Its flagship product, Dr. Noon CVD, is the world’s first commercially available retinal AI-based cardiovascular risk prediction software. The tool delivers results in minutes through a simple, non-invasive eye exam with no radiation exposure, matching the diagnostic accuracy of conventional cardiac CT imaging. It is currently deployed across more than 170 medical institutions in Korea and internationally.

The fresh capital will be directed toward expanding Dr. Noon CVD in domestic and overseas markets, advancing clinical trials and regulatory approvals in the US and other key markets, strengthening local commercialization infrastructure, and building out a product pipeline targeting metabolic syndrome. In the United States, the company is pushing to secure FDA De Novo clearance and scale proof-of-concept installations at primary care facilities to establish early commercial references.

Mediwhale is also running a parallel IPO track, targeting a KOSDAQ listing via the technology special listing pathway in the first half of next year.

“Mediwhale has the proprietary retinal AI technology and the proven commercial track record to grow faster in global markets, including the US,” said a Premier Partners in a statement, citing the company’s global scalability and revenue growth potential as key factors in the investment decision.

“This round is a strong validation of Mediwhale’s technology and commercial value from the capital markets,” said CEO Taegeun Choi. “We’ll build on this momentum to secure FDA De Novo clearance and take our next step as a global healthcare company.”