Lemon Healthcare to retry for IPO in 2023 after getting a $13 million Series C investment 

Korean healthcare startup Lemon Healthcare has attracted a 17 billion won ($13 million) Series C investment from Hanwha Asset Management’s Smart Healthcare New Technology Association. Lemon Healthcare operates a customized medical service platform that helps patients manage the entire process of their hospital visits, from making appointments and paying medical expenses to transferring e-prescriptions, etc. 

This is the second phase of investment for Lemon Healthcare, following 7 billion won ($5.5 million) in December last year. The investment method is to acquire Redemption Convertible Preferred Shares (RCPS), newly issued by Lemon Healthcare in the first and second phases.

Established in 2017, Lemon Healthcare received 8 billion won ($6.3 million) from LSK Investment, Mirae Asset Capital, and Technology Guarantee Fund in 2018 and 10 billion won ($7.8 million) from institutions such as Shinhan Bank, KDB Industrial Bank, and Naver Fund in 2019. Lemon Healthcare has received a total of 35 billion won ($ 27.6 million) in accumulated investment.

Startup to enhance personal healthcare service 

With this investment, Lemon Healthcare is accelerating the development of personal health information services using PHR (Personal Health Record). The company plans to re-promote an IPO in 2023 as it has gained flexibility in business expansion and expansion of a stable profit base. Lemon Healthcare applied for a preliminary examination for listing on the KOSDAQ in December 2020. Still, it was withdrawn voluntarily in July of last year as the examination process was prolonged.

 CEO Hong Byung-jin said, “We will advance personal medical data (PHR) technology by combining IT technologies such as artificial intelligence and blockchain. Through this, we will solidify our position as a personalized health care service platform that provides customized health service information precisely analyzed. With this investment as an opportunity, we will accelerate our leap into a leading digital healthcare service company that leads the domestic medical data market.”

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