Seers Raises $81.9 Million to Push Wearable AI Diagnostics Into the US and Middle East

In recent years, the number of diagnostic wearables has dramatically increased. Today, smartwatches and rings are commonplace, but soon, a thin patch on the chest may become a common sight. Seers, a company based in South Korea, has developed this wearable AI diagnostics model. To expand this technology into the United States and the Middle East, Seers has raised $81.9 million.

What does Seers do? Seers specializes in wearable medical devices and the software that interprets the data collected from these devices. They are experts in ECG monitoring, using a thin adhesive patch placed on the patient's chest to record a period of electrocardiogram data. Their flagship product, MobiCare, is designed to detect arrhythmias, or irregular heart rhythms.

This simple concept holds significant market potential. With the funds raised, Seers plans to focus on international growth initiatives, with $46.1 million allocated to their US affiliate and $12.6 million to establish their presence in the UAE. In the US, Seers intends to acquire a minority position in an independent diagnostic testing facility and provide financial support to a local AI operator to introduce MobiCare into the region.

Additionally, they plan to establish relationships with existing billing networks and a diagnostic service base, along with a dedicated arrhythmia center. The remaining funds will cover two years of research and operations and the construction of a new smart factory. This round of funding marks Seers' first capital raise since their initial public offering in June 2024.

Despite the stock price dropping 45% in the past year, bondholders believe in Seers' recovery and did not require any price adjustment. Analysts currently view Seers as a buy, indicating its potential.