Neofect

About Neofect

Founded in June 2010, Neofect is a publicly-traded company specializing in smart rehabilitation medical devices for patients with neurological and musculoskeletal injuries. The company's inception was driven by the personal experiences of its founders, Hoyoung Ban and Scott Kim, who met while studying at the University of Virginia's Darden Graduate School of Business. Ban was motivated to start Neofect after his father and two uncles suffered from strokes, giving him firsthand insight into the challenges of rehabilitation. Prior to Neofect, Ban had a background in aerospace engineering and had worked at Samsung Electronics. They were joined by Young Choi, who holds a Ph.D. in stroke rehabilitation algorithm and robotics.

Neofect operates in the therapeutic devices and healthcare technology sectors, targeting a clientele that includes hospitals, rehabilitation centers, and individuals requiring at-home therapy. The company's business model is notable for its direct-to-consumer rental option for some of its products, such as the RAPAEL Smart Glove, which makes advanced rehabilitation technology more accessible. This approach complements their sales to clinical partners. The company went public on the Korean stock exchange (KRX) in November 2018 and has established offices in the U.S. and Germany to serve a global market.

The core of Neofect's offering is the RAPAEL Smart Rehabilitation Solution, a suite of products that utilize gamification to make the often monotonous process of physical therapy more engaging and motivating. The flagship product, the RAPAEL Smart Glove, is a wearable biofeedback device for hand and wrist rehabilitation. It uses sensors to track a patient's movements, which then control interactive games designed to improve motor function and cognitive skills. The system's algorithm adjusts the difficulty level based on the patient's performance, providing a customized therapy regimen. Beyond the Smart Glove, Neofect's product line includes the Smart Board for shoulder and upper arm movements, the Smart Pegboard for dexterity and cognitive training, and solutions specifically designed for children (Smart Kids). Clinical studies have indicated that combining Neofect's virtual reality-based exercises with traditional therapy can be more effective for improving upper extremity function.