SBI Investment Portfolio Company Apollon Raises KRW 5 Billion in Series A

• SBI Investment Portfolio Company Apollon, Developer of Non-Invasive CGM ‘MOGLU,’ Raises KRW 5 Billion in Series A
• Apollon, an SBI Investment portfolio company developing non-invasive continuous glucose monitors (CGMs), announced on the 27th that it has raised KRW 5 billion in a Series A round on the strength of ‘MOGLU,’ a CGM that uses Raman spectroscopy to measure blood glucose without piercing the skin. The round was led by SBI Investment, with Korea Credit Guarantee Fund and Future Science and Technology Holdings participating as investors, and NAVER and Daewoong as strategic investors (SIs).
• Including this round and government R&D grants, Apollon has secured more than KRW 10 billion in cumulative funding. It has reduced the device to about half the size of a smartphone by cutting the number of optical components while maintaining measurement sensitivity, and has published the results of joint clinical research with the Laser Biomedical Research Center at the Massachusetts Institute of Technology (MIT) in an international journal.
• The company plans to use the funds for a clinical feasibility study at the Joslin Diabetes Center, affiliated with Harvard Medical School, and for pre-submission consultations with the U.S. Food and Drug Administration (FDA) on a ‘De Novo’ application, the FDA's authorization pathway for novel medical devices. CEO Hong A-ram said, “I believe this investment in Korea came about because our technology was first validated in the United States through clinical studies, patents and global partnerships.”

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https://n.news.naver.com/mnews/article/008/0005418635?sid=101