Seers raises $81.9M to push wearable AI diagnostics into US, Middle East
What's the deal? Seers TechnologyDealroom has a profile for this one. Try Dealroom →, a wearable AI diagnostics and monitoring company, is raising US$92.2M through a convertible bond issue. It will funnel US$58.7M into expansion in the US and Middle East.
The details: The bonds, placed privately with institutional investors including TIMEFOLIO Asset ManagementDealroom has a profile for this one. Try Dealroom → and Shinhan, carry a five-year maturity and a 0% coupon. The initial conversion price was set at US$25.6, 20% above the reference share price, with a call option on up to half the issue.
Why now? This is Seers' first capital raise since its Kosdaq listing in 2024. The company announced the deal on October 13.
Where the money goes: Seers plans US$46.1M for its US arm, SEERS GLOBAL INCDealroom has a profile for this one. Try Dealroom →, and US$12.6M for its UAE unit, SEERS MENA LIMITEDDealroom has a profile for this one. Try Dealroom →. A further US$25.2M is earmarked for research and operations over two years, plus US$8.38M for a smart factory.
The expansion: In the US, Seers will acquire a stake in an independent diagnostic testing facility and make a strategic investment in a local AI operator to launch MobiCare, its arrhythmia diagnosis tool. In the UAE, it will build a diagnostic service base and an arrhythmia centre, building on an existing three-year MobiCare supply contract worth about US$18.4M.
What could go wrong? The bonds include no downward conversion-price adjustment if shares fall, concentrating risk on investors. Expansion also hinges on winning reimbursement and clinical traction in two unfamiliar markets.
What they said: Chief executive officer Lee Young-shin called the round "a strategic investment to expand medical AI technology and business models verified at home into global markets," adding the company aims to grow into "a global medical AI platform company."
The signal: The raise marks a bet that diagnostics validated in South Korea can scale abroad through local partnerships and existing reimbursement channels, rather than building from scratch.
Read more: news.bizwatch.co.kr
Image credit: Generated with Gemini
