Lunit, a leading medical artificial intelligence (AI) company, announced on Monday that Atinum Investment, one of South Korea’s top venture capital firms, will be a major investor in its ongoing 200 billion KRW (about 135 million USD) rights offering.
Atinum has agreed to acquire 960,000 shares, including 85% of the new subscription rights sold by Lunit’s Chairman Baek Seung-wook and Chief Executive Officer (CEO) Seo Beom-seok, along with other executive subscription rights. The firm plans to invest a total of 30 billion KRW (about 20.2 million USD), including participation in additional subscriptions.
Established in 1988, Atinum is a pioneer in South Korea’s venture capital landscape, managing assets exceeding 2 trillion KRW (about 1.35 billion USD). The firm is renowned for its one fund strategy, focusing its resources on substantial investments in promising companies.
Kim Je-wook, Atinum’s Vice President, stated that Lunit has demonstrated real-world impact in the global healthcare market with its cutting-edge AI technology. By acquiring management’s subscription rights and participating in this capital raise, it’s not only backing responsible leadership but also expressing the strong belief in Lunit’s long-term growth potential.
Chairman Baek and CEO Seo intend to sell their subscription rights to Atinum and reinvest all proceeds into the rights offering.
Lunit plans to use the funds to repay convertible bonds issued during its acquisition of Lunit International, bolster global research and development (R&D) efforts, and expand its international operations. These moves aim to cement Lunit’s position as a global leader in medical AI.
CEO Seo commented that Atinum’s significant investment in the company, which is already publicly traded, underscores their confidence in Lunit’s technological prowess and market leadership. This funding will eliminate financial uncertainties and accelerate the global market performance, allowing them to fulfill our commitment to enhancing shareholder value and driving sustainable growth.