Osang Healthcare (CEO Hong Seung-eok), a company specializing in in vitro diagnostics (IVD), announced on the 28th that it held a board meeting at the end of February to approve an equity investment in Kryptos Biotechnologies, a company developing point-of-care molecular diagnostic devices, and signed a formal agreement in March.

Kryptos Biotechnologies is a startup founded in Silicon Valley, USA, in 2017, specializing in the development of point-of-care molecular diagnostic devices (POC-MDx). Since its establishment, it has received approximately $12 million in investment, and has decided to raise Series A investment to secure funds ahead of clinical trials and regulatory approval. Osang Healthcare will invest approximately $10 million on its own, with $5 million to be invested immediately and the remaining $5 million to be invested in stages upon milestone achievement.

Currently, the molecular diagnostics market primarily relies on central laboratories within large hospitals and contracted testing centers to confirm diagnostic results. However, following the COVID-19 pandemic, there is a growing need for rapid on-site testing in various medical settings, including smaller hospitals, leading many companies to face challenges in entering the market.

Full article : [Yakup Newspaper] Osang Healthcare invests in Silicon Valley startup Kryptos Biotechnologies