① Most IPO Proceeds to Be Allocated to U.S. Expansion… Considering Local Subsidiary Establishment and IDTF Acquisition

[DealSite Reporter Da-eun Lee]

Mezoo is accelerating its initial public offering (IPO) process with the goal of listing on KOSDAQ in February next year. The company views this IPO not merely as a means of fundraising, but as a signal flare for full-scale entry into the global market, with a particular focus on the United States, the world’s largest healthcare market.

Mezoo submitted its preliminary listing application on the 1st of this month. It passed the technology evaluation in July and has recently completed its conversion to electronic securities. The company raised KRW 1 billion in its pre-Series A round in 2019 and approximately KRW 9 billion in its Series A round in 2021. In the same year, Dong-A ST joined as a strategic investor. In its Series B round in 2023, Mezoo was valued at approximately KRW 120 billion on a post-money basis. According to the company, the key factors in persuading investors were the performance of its real-time biosignal measurement (aRPM)-based remote monitoring business and its potential for global expansion.

Mezoo is currently targeting a corporate valuation of KRW 200 billion. Most of the funds raised through the IPO are planned to be invested in entering the U.S. market. The United States accounts for roughly half of the global healthcare and medical device market and is relatively less restrictive in terms of regulations on remote monitoring services. In addition, the U.S. healthcare system is structured with a separation between diagnostic facilities (IDTFs) and treatment hospitals, applying segmented insurance reimbursement schemes for inpatient and outpatient care.

Part of the funds will also be allocated to proof-of-concept (PoC) projects in emerging markets such as Indonesia, the United Arab Emirates, and Saudi Arabia. As the company is already generating revenue in the domestic market, it plans to continue product development and marketing in Korea using its existing cash flow and resources.