Waycen is preparing a digital treatment that combines artificial intelligence (AI) technology as a new business to succeed the AI endoscopic image analysis device "WAYMED Endo." There are two digital treatments that have been approved in Korea so far: Aimmed's Insomnia Treatment "Somzz" and Welt's Insomnia Treatment "Welt-I." The goal is to introduce Korea's first digital treatment that combines AI technology in Korea next year.
To this end, Waycen submitted an empirical clinical trial plan (IND) for the panic disorder treatment "WAYMED Panic" to the Ministry of Food and Drug Safety on the 28th of last month. Digital therapeutics only need to go through two-stage clinical trials: empirical and confirmatory clinical trials, and considering the precedent, it is expected to be approved during the second half of next year if the clinical trials proceed smoothly. The goal is to start clinical trials from December.
Although Waycen is making sales with WAYMED Endo, an AI gastroscopy video analysis device, Waycen CEO Kim Kyung-nam has been deeply involved in the digital therapy industry since the beginning of the business, serving as an industry-academic cooperation director of the Korean Digital Therapy Association. CEO Kim said, "So far, digital treatments have only dealt with cognitive behavioral therapy (CBT), but Waycen will create competitiveness by adding AI to digital treatments based on its know-how in developing medical AI products." It is expected that institutional experience and clinical trial experience through medical AI such as WAYMED Endo will also help WAYMED Panic.
It is a challenge for WAYMED Panic to prove its marketability as a digital treatment. Fair Therapeutics, which introduced the first digital treatment approved by the U.S. Food and Drug Administration (FDA) as an industry leader, sold the remaining technology after bankruptcy to four companies at the beginning of the year. Color Health, a U.S. digital therapy developer invested by SK Biopharmaceuticals (326030) with SK (034730) Group, also laid off more than 100 employees in May, citing the financial crisis. Even in the United States, where more than half of the patents related to digital treatments are applied, some question the effectiveness or marketability of digital treatments as companies have struggled.
CEO Kim said, "If any of the three purposes of prevention, management, and treatment are met, the significance of existence as a 'therapy' can be recognized. Through biofeedback and accompanying services based on AI technology, we will create a different technological difference from other digital treatments and increase treatment efficiency."
The "Biofeedback" service that Waycen is developing helps patients breathe properly when symptoms of panic disorder appear by measuring inhalation and exhalation through sensors on their smartphones. The "companion service" that combines Chat GPT allows patients to communicate with chatbots and provide psychological stability when they visit crowded places. For the patient's continuous participation (retension), a method of making step-by-step prescriptions through an application was devised as if a doctor was giving a prescription.
CEO Kim said, "It will be a case like a best practice when digital therapeutics are combined with AI technology," adding, "The goal is to be first AI digital therapeutics and first overseas export digital therapeutics."
WAYMED Endo is a medical AI software that helps high-quality endoscopy by detecting abnormal lesions in real time. CEO Kim Kyung-nam explains that Waycen is the only company in the world that has a lineup of AI endoscopic video analysis in both stomach and large intestine.
CEO Kim said, "It is necessary to find early gastric cancer (EGC), but the characteristics of this lesion are difficult to pattern due to various stages," adding, "It is difficult to distinguish inflammatory gastritis, gastric submucosal tumor (SMT), and early gastric cancer if only held in prognostic management." In particular, it is difficult to detect early gastric cancer in various locations, such as shaded areas in small spaces, so entry barriers are high, he added.
In fact, both Medtronic ('GI Genius') of the United States and Olympus ('Endobrain-I') of Japan, which can be seen as competitors, have only AI colonoscopy imaging devices.
"It was most difficult to help medical staff by analyzing real-time medical images rather than still images," he said. "We used big data on gastroscopy medical images through video learning models, and it was also difficult to build a network with medical staff because we had to collect videos from the time of examination." "We were able to achieve successful results in the business thanks to close cooperation and joint research with hospitals." In fact, Waycen's products were all developed through joint research with hospitals.
Yet only "WAYMED Endo STCS," an AI gastroscopy video analysis device, is designated as a Breakthrough medical device by the Ministry of Food and Drug Safety. CEO Kim said, "We will also apply for AI colonoscopy video analysis devices as a Breakthrough medical device next year."
In the domestic colonoscopy equipment market, Olympus's "Evis Lucera Elite" and "Execera III" account for about 70%. For this reason, Waycen has increased compatibility so that WAYMED Endo can be used regardless of the brand of endoscopic equipment. This is different from Endobrain-Ai, which can only be installed on endoscopy devices in Olympus. In addition, the fact that both gastroscopy system and colonoscopy system can be used in a single purchase due to the same program, is expected to be a barrier to competitors entering the market in the future.
The global endoscopic equipment market targeted by WAYMED Endo amounts to about 25 trillion won. Among them, it is actively pushing to enter Southeast Asia and the Middle East, which is growing rapidly. CEO Kim said, "There are many cases of receiving gastric and colonoscopy at once for sleeping anesthesia, but if the programs are different, it will be cumbersome," adding, "WAYMED Endo can conduct gastric and colonoscopy at the same time, which is convenient for both medical staff and examiners."
In Korea, many people do endoscopy, which is not done more than once a year, while in Vietnam it is done more than three times a year. This trend is spreading to neighboring countries, he said. In fact, Waycen installed WAYMED Endo at St. Paul's General Hospital in Hanoi, Vietnam last year, but less than a year after it was installed, the number of tests exceeded 5,000. In recognition of this contribution, Waycen accompanied President Yoon Suk Yeol's economic delegation to Vietnam in June. Waycen also drew attention at an economic dinner held on the first day of Vietnam state visit, sitting at a head table where President Yoon was sitting.
CEO Kim said, "I think it is important as a Medtech company to make a solid reference in this field," and stressed, "We will make WAYMED Endo a cash cow without forcibly turning to other businesses to make sales." Waycen's estimated sales this year are 1.2 billion won to 1.5 billion won, and its target sales for next year are 3 billion won.
Waycen won the Innovation Award for the first time as a medical AI company at the Consumer Electronics Show (CES) 2023 held in Las Vegas in January. Waycen won two awards in the digital healthcare category and two in the software and mobile apps category, respectively, for △ WAYMED Cough △ WAYMED Endo Pro △ WAYMED EBUS. Kim received the Minister of Health and Welfare Award at the KIMES 2023 held in March in recognition of his contribution to promoting the excellence of Korea's medical AI to the global market.
"We will become a MedTech company that encompasses prevention, diagnosis, treatment, and management with 'Waymed Endo', an artificial intelligence (AI) endoscopic video analysis service, and 'Waymed Panic', a digital treatment for panic disorders."
CEO Kim Kyung-nam, who met at Waycen's headquarters in Gangnam-gu, Seoul on the 26th of last month, said this, citing "Johnson & Johnson Meditech" when asked if there were any companies benchmarking.
Waycen claims to be an 'AI Medtech company'. Medtech stands for Medical Technology (Medical Technology) and refers to an industry that designs and manufactures medical devices for the prevention, diagnosis, and treatment of diseases. Johnson & Johnson Medical also changed its name to Johnson & Jones Medtech last year, expressing its ambition to more actively incorporate digital technology into the medical industry. This means that it will lead innovation in the future medical market combined with digital, including robotic surgery devices and medical software.
CEO Kim said, "Johnson & Johnson is the only company that combines medical devices, pharmaceuticals, and bio," and explained, "We are taking it as a good reference because they are leading a huge investment in Medtech technology."
CEO Kim is an AI expert who graduated from KAIST's Department of Electronics and Electrical Engineering and received a master's degree in electronic engineering and computer vision at Pohang University of Technology (POSTECH). He started his career at Samsung Electronics, served as vice president of Polaris Office (041020), served as CEO of Selvas AI (108860) from 2015 to 2019, and founded Waycen, an AI medical company, after leaving Selvas AI. Selvas AI, a company specializing in AI, is an AI convergence product company that develops and provides digital textbooks and voice synthesis solutions, and is also engaged in medical device-related business through its subsidiary company Selvas Healthcare.
CEO Kim said, "I decided to start a business after discovering the growth potential of the medical industry at an AI-specialized company and with the intention of creating a life where everyone can live healthier and longer with AI technology."
The name of Waycen also contains a vision for such a project. Waycen is a combination of 'WAY' and 'CENTER'. CEO Kim said, "It means that we will find proper prevention, diagnosis, and treatment in the medical AI field based on quality management and provide a way to the medical industry," adding, "I think it will definitely help the medical environment."
CEO Kim, who considered various medical-related business items that can incorporate AI in the early stages of the business, said he judged that AI-based video diagnosis solutions are the most suitable considering marketability and current technology levels.
CEO Kim said, "Korea has long accumulated medical data on the resident registration number system based on the entire population, and the government leads the health insurance business, while Japan has a workplace insurance system, making it difficult to continue accumulating data. Singapore (6 million people) and Taiwan (24 million people) also run health insurance businesses but they have a much smaller population than Korea” he said. "AI-based video solutions can be predicted and diagnosed through big data by accumulating related data in time series."
Waycen has a total of 37 executives and employees, of which 52% are developers. The number of master's and doctorate degrees is 35 percent of all executives and employees, with the largest number of computer science majors.
Shares of Waycen, a privately held company, are currently not traded over-the-counter yet. Currently, the largest shareholder is CEO Kim.
"We are currently preparing for a technical evaluation with the goal of an Initial Public offering (IPO) next year."
I met Kim Kyung-nam, CEO of Waycen, a promising medical AI player, at the headquarters in Samsung-dong, Gangnam-gu, Seoul on the 26th of last month. CEO Kim, who announced his entry into the KOSDAQ market with the goal of next year, expressed his ambition to become a global AI Medtech company whose export share exceeds that of domestic demand within five years.
Starting with Chat GPT at the beginning of the year, AI-related stocks attracted attention, and stocks related to AI diagnosis assistance and AI new drug development also benefited. Among them, the stock price of AI diagnostic assistive devices, which are the fastest in business, has been on a double-digit rise every day. The stock price of Lunit (328130), the leader of AI medical devices, rose 576% in about seven months, hitting a 52-week high of 201,500 won on the 13th of last month from 29,800 won at the end of last year (December 29, 2022). Coreline Soft withdrew its listing plan after passing the technical evaluation in 2021, but this time it is steadily proceeding with the IPO process with the goal of September. Attention is focusing on whether Waycen will also be able to benefit from this trend by speeding up its IPO schedule.
While currently listed JLK (332510), Vuno (338220), Deepnoid (315640), and Lunit (328130) develop software to assist in X-ray, CT, MRA analysis and biosignal analysis, Waycen, founded in 2019 by Kim Kyung-nam, former CEO of SelvasAI, is a company that analyzes endoscopic images and diagnoses medical staff with AI technology. CEO Kim said, "We believed that early diagnosis of fatal diseases with a high incidence rate is profitable in business like," adding, "Gastric cancer and colon cancer have a cure rate of 90% when detected early, and we judged that the only early diagnosis method meets this standard." He added, "There are competitors such as Olympus and Medtronic among foreign brands, but both companies only do colonoscopy image analysis business, and we are the only ones dealing with gastroscopy and colonoscopy at the same time."
Considering the technology evaluation of bio-ventures and the screening trend of the Korea Exchange, Waycen's proof of business feasibility is expected to be the key to crossing the KOSDAQ threshold. CEO Kim plans to make sales in Korea with gastroscopy image analysis devices this year and make full-fledged sales in overseas markets by next year.
Waycen's AI gastroscopy image analysis device "WAYMED Endo ST CS" was also designated as a Breakthrough medical device by the Ministry of Food and Drug Safety on the 20th. Currently, doctors buy it at their own expense and use it as a medical aid, but if it is designated as an innovative medical device, it will be possible to enter the non-payment market. Waycen is preparing a follow-up procedure for this.
A company official said, "It is believed that the AI endoscope market has been opened by designating as a Breakthrough medical device while being sold to public medical hospitals and university hospitals. It is also meaningful in that it has laid the foundation for payment” he said. "The domestic AI endoscope market is estimated to be worth 1.2 trillion won, and Waycen's WAYMED Endo is the only one designated as a Breakthrough medical device."
Last year, Waycen's annual sales were only 100 million won. However, when I asked CEO Kim about the expected sales of Waycen this year, he answered, "At least 1.2 billion won and up to 1.5 billion won." CEO Kim said, "In the case of WAYMED Endo, it is a subscription-type service, so the sales will increase significantly as time accumulates, and meaningful sales are already occurring in Korea," adding, "We will achieve 3 billion won in annual sales next year."
"Next year is the 'first year of exports' for Waycen," he said. WAYMED Endo has already been piloted in Dubai, Thailand, Cambodia, and Vietnam and is scheduled to be piloted in Egypt, and by the end of September and October, it will also be piloted in Saudi Arabia's general hospital, which is about the second largest in the Middle East market. "We plan to start pilot services at more than six national general hospitals by the end of this year," CEO Kim explained. By 2027, the company is preparing to step up its global expansion so that the proportion of sales from exports can exceed domestic sales.
Waycen was selected by the Ministry of SMEs and Startups' technology-based startup support program TIPS in 2020 and received a total of 7.5 billion won in investment through Series A and Series A bridges. It is also preparing to attract additional investment before the IPO. CEO Kim said, "We are planning to attract Series B investment in the second half of this year." In Series B, Waycen's goal is to attract 10 billion won in investment with a corporate value of 100 billion won.
A medical device to analyze gastroscopy to support the diagnosis of stomach cancer has been designated as innovative medical device.
The Ministry of Food and Drug Safety announced on the 19th that it has designated Waycen's "gastric cancer image detection and diagnosis assistance software" as the 37th innovative medical device.
The product assists in diagnostic decisions by analyzing gastroscopy images and providing suspected gastric cancer areas and gastric cancer probability to medical staff.
In particular, it was recognized for its innovation in diagnosing stomach cancer by analyzing gastroscopy images in real time with artificial intelligence technology applied with deep learning technology. It is expected to lead the expansion of the diagnosis assistance software market for gastric cancer.
The Ministry of Food and Drug Safety has designated a total of 37 products as innovative medical devices so far. An official from the Ministry of Food and Drug Safety said, "The operation of the innovative medical device designation system is expected to contribute to the actualization of the government's national task, 'Bio and Digital Health Global Central Country Leap.'"
Waycen (CEO Kim Kyung-nam), an AI MEDTECH company, announced on the 13th that it will be selected as the "second innovative product pilot use project" by the Public Procurement Service and supply AI digestive endoscope "WAYMED ENDO" to three national hospitals.
Earlier, the Public Procurement Service (Director Kim Yoon-sang) selected 113 institutions that will pilot 59 innovative products worth 9.9 billion won to revitalize the domestic bio-health industry and released the results on the innovation market on the 11th.
Through this project, Waycen secured national hospital references by supplying AI digestive endoscopy "Waymed Endo" to a total of three hospitals: Gangneung Medical Center in Gangwon-do, Ilsan Hospital of the National Health Insurance Service, and Central Veterans Hospital of the Korea Veterans Welfare Medical Service. All three contracts are quite large in scale that they are introduced to the entire endoscopic room, not some.
While Waycen is already steadily discovering customers by supplying the product to a number of hospitals in Korea, it is expected to gain momentum in the operation of public hospitals as well as private hospitals by supplying the product to three national and public hospitals.
WayMed Endo is a medical AI software that analyzes gastroscopy and colonoscopy images in real time to detect abnormal lesions and provide the possibility of diseases. Recently, it has secured the 3rd grade of approval from the Ministry of Food and Drug Safety as the first AI digestive endoscope in Korea, and it is showing high interest in hospitals and examination centers in that it can introduce artificial intelligence technology in conjunction with existing endoscopic equipment.
CEO Kim Kyung-nam said, "With the innovative products of the Public Procurement Service operating all industries, it is a great opportunity to supply Waycen's medical AI products to three national hospitals."
He stressed, "I think the Public Procurement Service has provided a good opportunity for the growth of the domestic bio-health industry, so I will do my best to take advantage of this opportunity to quickly spread and settle down medical AI products in national hospitals."
Meanwhile, Waycen supplied AI digestive endoscopy "Waymed Endo" to Gangneung Asan Hospital in May, and participated as a representative company of medical AI for economic mission to Vietnam to accelerate its efforts to target overseas markets.
Waycen, an artificial intelligence medical technology (AI MEDITECH) company, will make full-fledged inroads into the global market next year. It has received the Innovation Award for the second consecutive year at CES, a global home appliance and technology exhibition, and is the only Asian company to be listed in the top four of the global healthcare program "MedTech Innovator Asia Pacific" Waycen is recognized for its medical AI technology at home and abroad four years after its establishment.
Kim Kyung-nam, CEO of Waycen, met with this magazine and said, "We judged that medical care is a field that has a possibility of success using AI," adding, "Good quality medical data is well accumulated in Korea." "If we collaborate with excellent domestic medical staff, we will be able to make good solutions and have global competitiveness," he said on the 6th.
Waycen's flagship product is WAYMED endo, a digestive endoscope based on its own complex AI model and video learning model. AI analyzes endoscopic images of the stomach and large intestine in real time and displays suspected abnormal lesions to help medical staff diagnose.
According to CEO Kim, clinical trials showed more than 94.5% accuracy. It was approved by the Ministry of Food and Drug Safety in January last year, and there is a huge interest among the medical staff which led to more than 30 installations in medical institutions, including health examination centers, in about a year.
Expectations for Waycen are also high overseas. In the "ICT-based medical system overseas expansion pilot project" conducted by the Korea Health Industry Development Institute last year, Waycen installed "Waymed Endo" at St. Paul's General Hospital in Hanoi, Vietnam, and conducted more than 5,000 AI endoscopy. In April this year, it was selected as an excellent business project by the Health Industry Development Institute and decided to expand the scope of pilot operation to Vietnamese national hospitals.
Based on this, it plans to provide pilot services in Southeast Asian medical markets such as Thailand, Cambodia, and Indonesia. CEO Kim introduced that he is also receiving attention from Middle Eastern markets such as Saudi Arabia, the United Arab Emirates (UAE), Egypt, and Jordan. As each country has a different medical environment, we are conducting pilot services according to local situations, he said. "As references accumulate, we have supplemented usability and improved shortcomings."
"We plan to conduct pilot services in more than seven countries this year, and next year will be the first year of overseas business," he said. "We have confirmed sufficient needs for AI medical technology in the Middle East and Southeast Asia." While conducting a pilot service, we will challenge the licensing of regulatory agencies in each country. "I think it's time to play as a first mover in the AI endoscope market," he said with confidence.
The number of endoscopes in Korea is 10 million above and more than 3 million in the large intestine. The number of tests continues to increase and quality management is also needed. CEO Kim said, "Qualitative upward leveling of testing can help the health of the people. "Even when people don’t come up to Seoul, the satisfaction level of the test (even in the provinces) will be able to increase," he suggested.
The growth prospects of the AI endoscope market are also bright. CEO Kim said, "The AI endoscopic analysis market is linked to the endoscopic market. There is a prediction that the size of the endoscope market alone will reach 50 trillion won by 2025, he said. "The AI endoscope analysis market could be at least 10 trillion won."
The company will also expand the field of business in other diseases. Waycen is also challenging the development of digital treatment devices for panic disorder. This is to not only diagnose and treat, but also be responsible for the medical aftercare, and become an allrounder meditech company. CEO Kim said, "There are many patients suffering from panic disorder, but there are not many digital care companies that accounts for. It aims to obtain clinical approval from the Ministry of Food and Drug Safety within this year. "We will be able to release it as a product in the second half of next year," he explained.
Waycen raised 7.5 billion won by attracting investment in Series A. It was also selected for government support programs such as pan-ministerial projects. Accordingly, it plans to complete 10 billion won worth of Series B investment in the second half of this year and focus on overseas businesses.
CEO Kim said, "With the active support of the government, we were able to secure technology that is recognized overseas," adding, "It takes a lot of time and money during the development period, and the licensing process is also a big hurdle." "I know that we are making a lot of efforts through the integrated screening and evaluation system of innovative medical devices, but I hope the process will be further improved to secure faster global competitiveness," he said.
Waycen (CEO Kim Kyung-nam) and Gangneung Asan Hospital (Director Yoo Chang-sik) were selected for the 2023 AI voucher support project organized by the Ministry of Science and ICT and the NIPA and signed an MOU for business cooperation on the 23rd.
Through this agreement, the two companies plan to actively cooperate to quickly introduce and utilize medical AI software in the stomach/colorectal endoscopy medical field to conduct high-quality endoscopy so that the AI voucher business can be successfully carried out.
Gangneung Asan Hospital has been certified as an excellent institution in the evaluation of national examination institutions for the past 12 years and introduced AI digestive endoscopy "WAYMED ENDO" with the aim of operating high-quality endoscopy by combining artificial intelligence technology.
The AI voucher support project is a project supported by the government to introduce optimal AI for companies that need to apply AI products and services. This project supports medical institutions, ventures, and mid-sized companies to introduce optimal AI solutions within a short period of time.
Gangneung Asan Hospital was able to introduce AI digestive endoscopy for the first time in Gangwon-do general hospital, as hospitals receive support for the introduction of AI products and AI companies can spread their products.
Through the AI voucher project, Waycen successfully secured Gangneung Asan Hospital, one of the target hospitals in Korea, said Kim Kyung-nam, CEO of Waycen. "As Gangneung Asan Hospital is a representative regional base hospital, we will do our best to expand it to nearby hospitals, starting with this recent reference."
Waycen announced on the 7th that it will be selected as an excellent project for the "ICT-based medical system overseas expansion pilot project" organized by the Korea Health Industry Development Institute and speed up its efforts to tap the Vietnamese medical market.
In the "ICT-based medical system overseas expansion pilot project" conducted last year, the Korea Health Industry Development Institute selected Waycen as an excellent project based on performance results and decided to provide follow-up support. With the selection of this excellent project, Waycen plans to expand hospitals that test-run the artificial intelligence (AI) digestive endoscope "WAYMED Endo" in Vietnam and continue to support the use of "WAYMED Endo" at St. Paul's General Hospital.
St. Paul General Hospital achieved the results of operating about 5,000 AI digestive endoscopy tests during the previous year's project. Waycen said they received a lot of feedback from local medical staff that AI digestive endoscopy helped them a lot in discovering small-sized lesions such as actual micropolyps.
Waycen plans to expand the scope of pilot operation to local national hospitals in Vietnam through the selection of excellent projects. Since the beginning of this year, it has already held several meetings with local consulting companies in Vietnam and local hospitals in Hanoi and Ho Chi Minh City to discuss the introduction of a trial.
Waycen is pursuing a strategy to create opportunities to enter Southeast Asian countries, including Thailand, based on Vietnamese references, and will focus on promoting the excellence of Korean medical technology to medical institutions around the world.
Waycen contributed to promoting K-medical AI excellence by winning four innovation awards at CES 2023 held in the U.S. earlier this year, and Kim Kyung-nam, CEO of Waycen, received the Minister of Health and Welfare Award at "KIMES 2023" held at COEX in March.
Waycen, a company specializing in AI MEDTECH, has jumped into the development of digital treatments. It is to significantly expand its business area from diagnosis to treatment by applying AI technology.
Kim Kyung-nam, CEO of Waycen, said in a recent interview with <News 1>, "The demand for digital treatments is rapidly increasing in the mental illness field," adding, "Starting treatment itself is a big decision for patients, and digital treatments can solve these difficulties."
"Digital therapeutics can increase the effectiveness of treatment and be managed at home," he said. "The digital therapeutics market is currently growing rapidly in the United States." Korea also needs strategic investment and attention, he added.
Digital Therapeutics (DTx), called the third-generation future treatment, refers to software (SW) services that can help prevent, manage, and treat diseases like medicines.
As AI technology grows rapidly, demand for digital treatments is also expected to increase. In particular, digital therapy products have been developed or released one after another in the treatment of mental diseases and are being prescribed. The government is also encouraging the development of digital treatments.
CEO Kim said, "Waycen has already been recognized for its technology as an AI endoscope, and is also interested in developing digital treatments," adding, "The goal is to launch new products in the field of mental illness."
Global Leading company has not yet emerged in the field of digital therapy market. This is why domestic companies with excellent information and communication (IT) technology have rushed to develop treatments. Domestic companies struggling in the existing new drug and medical device market are trying to turn the tables in the digital therapy field.
The Korea Bio Association predicted that the global digital therapy market will reach 30 trillion won by 2030 from about 5 trillion won in 2021. The average annual growth rate is 26.7%.
CEO Kim expressed confidence, saying, "This year is the first year when sales are generated in earnest." Since Waycen is an early company, it costs more investment than sales. Annual sales, which were hundreds of millions of won last year, are expected to increase by 10 times this year.
The key product that causes sales is "WAYMED endo," an AI software that analyzes gastroscopy and colonoscopy to help find lesions.
Unlike other AIs that analyze still images, WayMed Endo analyzes images in real time to help doctors diagnose them. WayMed Endo is the only AI that can be applied to both gastroscopy and colonoscopy. The company is also preparing CE certification by the U.S. Food and Drug Administration (FDA) and the European Union (EU).
CEO Kim said, "Waymed Endo received an item license in Korea in January last year and has been installed and used in more than 30 health examination centers," adding, "Waymed Endo was recognized for its technology enough to win the Innovation Award at the CES 2023." He added, "We have started pilot services in Southeast Asia such as Thailand and Vietnam, followed by Middle Eastern markets such as Saudi Arabia and Kuwait."
Waycen has also released "WAYMED Cough," a medical device that records voices using a smartphone and checks respiratory health conditions, and is receiving good reviews.
CEO Kim's career is also eye-catching. He is an engineer-turned-manager. Usually, engineers-turned-managers have a great advantage in stubbornly developing technologies, but it is also true that they are evaluated as lacking flexibility while running the company.
CEO Kim said, "I am a former engineer, but I have a lot of business experience such as global sales," and stressed, "I have my own philosophy to run the company with flexible mind of thinking." He then explained that the company's biggest strength is that it has excellent technical staff who have been working together for more than 10 years.
After majoring in electronic engineering at the Korea Advanced Institute of Science and Technology (KAIST), CEO Kim studied computer vision at POSTECH (Pohang University of Science and Technology). Since then, he has worked at Samsung Electronics, Telson, and INFRAWARE. CEO Kim also served as CEO of Selvas AI. Since then, it has established Waycen in 2019.