Korean unicorn startup seeking FDA approval with painless laser blood sampling for diabetics

[2024 Korea Conference]

Diabetes is one of the most common diseases in the U.S., as well as among Korean Americans. When asked about the most difficult aspect of living with diabetes, many diabetics say it’s the frequent blood glucose tests they have to do at home.

The process of sticking a needle to draw blood can be tiresome and painful. One startup from Korea aims to improve this inconvenience, and it is MVITRO, led by CEO Youngwoo Lee.

The company’s blood glucose meter uses a laser instead of a needle to draw blood without pain. After seven years of research, MVITRO succeeded in commercializing the device by finding an optical design and laser output value that can draw enough blood to measure blood sugar without pain. Even the elderly and children can easily draw blood for glucose monitoring without pain.

Lee has a personal story behind the development of the painless blood glucose meter. Lee’s mother suffered from diabetes for a long time, which later led to the development of diabetic dementia. Watching his mother struggle, Lee realized that the biggest enemy of diabetes management is the needle.

The technology that he spent seven years researching while thinking about his mother is now coming to fruition. “We are hoping for FDA approval within this year,” said Lee. In addition to the original patent, the company has applied for other patents and boasts its technological prowess.

The company is receiving offers from corporates for its technology. It has received investment from Hyundai Futurenet, an affiliate of Hyundai Group, and recently signed a contract with Korean pharmaceutical company Jonggeundang. It is also collaborating with Toyobo, a Japanese company that is over 100 years old, to develop medical devices and solutions.

Lee said he hopes to build MVITRO into a company that is not only a hardware manufacturer of electronic devices but also a software company.

The company is working on developing AI solutions for diabetes using data collected through blood glucose meters.

It was inspired by the fact that there is no platform to properly record and save data when testing blood glucose at home. The company is also looking to become a platform company in the future.

The company is planning to enter the U.S. in earnest after receiving FDA approval and seeking to network extensively at the Korea Conference.

“Diabetes is not just one disease, but it can lead to kidney-related diseases, dementia, and in severe cases, leg amputation. It is a disease with a very high social cost, and we are proud to play a role in the fight against diabetes.”

BY WONHEE CHO, HOONSIK WOO [cho.wonhee@koreadaily.com]