Algocare

About Algocare

Algocare is a healthcare technology firm from South Korea, established in 2019 to address the complexities consumers face in the nutritional supplement market. The company's founder and CEO, Jiwon Joung, transitioned from a legal career at a top law firm to entrepreneurship, motivated by her personal health challenges and the difficulty in finding suitable supplements. This experience highlighted a market gap for a more simplified and effective approach to nutrition, leading to the creation of Algocare.

The company operates on a Nutrition-as-a-Service (NaaS) model, primarily targeting the B2B sector with its 'Algocare at Work' solution. This service is designed as an employee wellness benefit for corporations, positioning employee health as a strategic asset for productivity. Clients include major corporations like LG Energy Solution, SK Square, and Hyundai Motor. Revenue is generated through subscriptions to this service.

Algocare's core offering combines four elements: an AI engine, an IoT appliance called the 'Nutrition Engine,' an application, and proprietary nutrient formulas. The AI, 'MyAlgo', leverages data from thousands of medical journals and analyzes user-provided information—including health check-ups, lifestyle habits, and daily conditions like sleep or fatigue—to determine the optimal combination and dosage of nutrients. This personalized blend is then dispensed by the on-site Nutrition Engine, which holds various supplements in the form of 4mm micro-tablets. This system allows for real-time adjustments to an individual's daily nutritional intake. The company has received multiple CES Innovation Awards for its technology.

Financially, Algocare has successfully secured significant investment to fuel its growth. In March 2024, the company raised KRW 15 billion (approximately USD 11.3 million) in a Series A funding round led by Stassets Investment, with participation from several other venture capital firms. These funds are allocated towards expanding its B2B market share, enhancing its technology, and preparing for global expansion. The company is also developing a home-use version of its service, 'Algocare at Home', to enter the B2C market.