｜Funding Secured for Production Facility Construction... Full-scale Product Launch Next Year

THEDONEE, a developer of portable potassium ion meters, has launched a new investment round. The funds raised will be used to build a production facility, with plans to begin full-scale product launches starting next year.

According to the venture investment industry on the 8th, THEDONEE recently held a Series A round and is in specific negotiations with strategic investors (SI) and financial investors (FI). The company plans to raise new investment of 4.5 billion KRW, with a pre-valuation (pre-investment corporate value) of 15 billion KRW. Some investors who participated in the previous pre-A round are also considering follow-up investments.

This new investment drive comes about six months after THEDONEE’s pre-A round last July, which brought total investment to 1.6 billion KRW. Investors in that round included Seoul National University Technology Holdings, Capstone Partners, and CS Value Investment Association (a private investment association). THEDONEE also received about 1.3 billion KRW in government grants while carrying out research projects run by the Ministry of Science and ICT and the Ministry of SMEs and Startups.

Founded in 2020, THEDONEE is a bio venture company established by CEO Kangwon Lee, a professor in applied bioengineering at Seoul National University who served as vice dean of the Graduate School of Convergence Science and Technology until last year.

THEDONEE developed the 'Gnosis-K,' a portable potassium ion meter medical device that can measure potassium concentration in the body using about one drop of blood. The device is expected to be especially useful for kidney disease patients who require constant potassium monitoring. Until now, patients had to visit hospitals frequently for costly potassium ion tests, but Gnosis-K allows individuals to easily measure potassium levels at home, significantly reducing this burden.

The newly raised funds will be used to build the production facility for Gnosis-K. THEDONEE plans to establish a Good Manufacturing Practice (GMP) certified facility within this year. To build the GMP facility, THEDONEE is planning to relocate its research center to one of the knowledge industry centers located within Seoul.

For bio venture companies, having a GMP-certified facility is essential, as medical devices must be produced in GMP-certified facilities to be used in clinical trials according to medical laws. Once the facility is completed, THEDONEE will proceed with clinical trials and regulatory approval processes.

With this, THEDONEE aims to complete all pre-market launch stages within this year and begin full product production and distribution from next year. The company also plans to hold a Series B round to raise an additional 20 billion KRW to expand into new business areas and overseas markets. The growth plan follows a stepwise investment model: pre-A (R&D), Series A (production facility construction), and Series B (production operations). THEDONEE targets an initial public offering (IPO) by 2027.

CEO Kangwon Lee said, “As the company name THEDONEE (The Dawn Of Next-gen Essential Expertise) suggests, our corporate spirit is based on 'the advent of essential knowledge for the next generation.' We will continue our efforts to help South Korea become a leading advanced medical device nation.”

https://dealsite.co.kr/articles/98731