[Series] Non-invasive CGM Startup Apollon Secures 5 billion won... To be Invested in US Clinical Trials and FDA Approval
Medical device startup Apollon, which develops needle-free continuous glucose monitors (CGM), has announced it secured 5 billion won in Series A funding. The funds will be used for clinical studies at the Joslin Diabetes Center and preparing for FDA De Novo authorization.
Medical device startup Apollon, which develops needle-free continuous glucose monitors (CGM), recently announced that it has secured 5 billion won in Series A investment. This round was led by SBI Investment, with domestic distribution partners Daewoong and Naver participating as strategic investors. Korea Credit Guarantee Fund and Mirae Science and Technology Holdings also joined as investors.
Following a 900 million won seed investment in November 2023, Apollon raised 2.3 billion won in a Pre-A round in April 2024, bringing its cumulative investment to 8.2 billion won upon completing this Series A. When adding government R&D support funds, the total secured funds exceed 10 billion won.
The company will prioritize investing this capital into US clinical trials. The plan is to conduct clinical feasibility studies on diabetes patients from various backgrounds at the Joslin Diabetes Center affiliated with Harvard Medical School, and based on this, prepare for the FDA De Novo medical device authorization process. CEO Hong A-ram stated, "Once we complete the Joslin clinical trials and FDA pre-consultations, we will be re-evaluated in the US market."
Founded in 2021, Apollon has teams in Seoul and Boston, USA, and is developing the non-invasive CGM 'MOGLU'. MOGLU is a product that simultaneously alleviates the pain and repetitive costs that have been cited as barriers to entry for existing CGMs. While existing CGMs require inserting a sensor under the skin and replacing it every 1 to 2 weeks, MOGLU reads glucose signals directly from above the skin, requiring neither an insertion process nor replacement consumables. The core technology of MOGLU is Raman spectroscopy. When light is shone on a substance, each molecule returns a unique signal; instead of analyzing the entire spectrum, Apollon selects only the specific wavelength band signals unique to glucose, maintaining sensitivity while reducing unnecessary optical components. The target size for the wearable form factor is 40mm wide, 30mm long, and 16mm thick.
Accuracy was verified through joint research with the MIT Laser Biomedical Research Center. In a study conducted on 6 healthy adults, the prototype's Mean Absolute Relative Difference (MARD) was found to be 11.34%. In the same study, two compared commercial continuous glucose monitors recorded 10.42% and 12.93%, respectively. In the analysis of whether measurement errors could affect treatment decisions, all data fell within the clinically acceptable range (Zones A and B). The research results were published in international academic journals such as the Journal of Diabetes Science and Technology. In terms of intellectual property, 54 patents have been filed, primarily in the US, of which 17 are registered US patents.
Following clinical research and patents, the company has also established a business foundation in the US. Apollon established a US legal entity in Boston in 2023 and completed the MassChallenge program, a global startup accelerator, in 2025. Last July, it recruited Medha Munshi, a professor at Harvard Medical School and director of the Joslin Diabetes Center, and Lawrence Alberts, a former Boston Consulting Group employee with experience in diabetes device startups and exits, as advisors. It is also cooperating with global companies such as Analog Devices and Oura.
We opened the investment round after securing the basis for our technology and business in the US. Following the MIT joint research, publication in international academic journals, and US patent registration, we confirmed the clinical feasibility study at the Joslin Diabetes Center. We also composed the investors to include those who can contribute to healthcare commercialization as well as financial returns. We have completed the first closing for domestic investors and are currently proceeding with the second closing for US investors.
The funds will be invested in the clinical feasibility studies conducted on patients at the Joslin Diabetes Center and the preparation for De Novo authorization, including pre-consultations with the US FDA. We will also upgrade the wearable prototype and reinforce the personnel leading technology development. We plan to focus on securing the evidence required for clinical trials and authorization rather than marketing.
While consistent management is important for diabetes, the tool used to check blood glucose itself can be a burden. Aversion to needles and repetitive consumable costs are factors that make using CGM difficult. Apollon determined that by eliminating needles and consumables, more people would be able to check their blood glucose changes. In the long term, we intend to expand into technology that can monitor metabolic status in daily life beyond just blood glucose.
In the short term, our goal is to secure initial data from patients through the Joslin Diabetes Center research, and to complete the FDA pre-consultation and the second closing of Series A for US investors. Ultimately, our goal is to enable not only diabetes patients but everyone to check their metabolic health in real time without the burden of pain and repetitive consumable costs.
The more a field has many failure cases, the more one should examine why previous attempts failed to achieve results. Apollon also started by analyzing past attempts in the non-invasive blood glucose measurement field.
Also, I recommend verifying technology with the standards of a large-scale market with high entry barriers in mind from the beginning. Apollon has also been developing technology to meet the demands of the local market by pursuing clinical research and securing patents in the US. If you pass verification in a demanding market, the rest of the markets will follow.
※ This article was written after verifying the facts through reporting.
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