Seers Plans KRW 110 Billion Raise for Global Expansion
South Korean wearable AI diagnostics company Seers Technology plans to raise KRW 110 billion through a privately placed convertible-bond issue to fund international expansion, research and manufacturing. The company announced the financing plan on October 13, with the funds earmarked for operations in the United States and the Middle East, as well as a new smart factory.
The fundraising would be Seers' first capital raise since its listing on South Korea's Kosdaq market in 2024. Institutional investors participating in the placement include TIMEFOLIO Asset Management and Shinhan.
The dollar equivalent remains unclear in Dealroom's coverage. Its headline cites US$81.9 million, while the article body gives US$92.2 million for the same KRW 110 billion issue. The original Korean-won amount is therefore used here pending confirmation of the correct conversion.
How Seers Plans to Use the Funds
Seers has allocated KRW 70 billion for expansion in the US and the Middle East. Of that amount, KRW 55 billion is designated for its US subsidiary, SEERS GLOBAL INC, while KRW 15 billion is earmarked for its UAE unit, SEERS MENA LIMITED.
Another KRW 30 billion will support research and operations over two years. The remaining KRW 10 billion is intended for a smart factory, bringing the planned allocation to KRW 110 billion.
The investment is designed to expand the company's wearable monitoring and AI-based diagnostic services beyond South Korea, with arrhythmia detection among its key commercial priorities.
MobiCare Drives International Expansion
In the US, Seers plans to acquire a stake in an independent diagnostic testing facility and make a strategic investment in a local AI operator. These moves are intended to support the launch of MobiCare, its arrhythmia diagnosis service.
In the United Arab Emirates, the company plans to establish a diagnostic service base and an arrhythmia centre. Its expansion builds on an existing three-year MobiCare supply contract valued at approximately KRW 22 billion.
Entering both markets will require Seers to establish local partnerships and secure commercial adoption. Reimbursement arrangements and clinical traction will be important to whether the expansion translates into sustainable revenue.
Convertible-Bond Terms and Risks
The bonds will have a five-year maturity and a zero per cent coupon. The initial conversion price is set at KRW 30,586, a 20 per cent premium to the reference share price. Investors also face a call option covering up to half of the issue.
The structure carries risks for investors and the company. The bonds do not include a downward adjustment to the conversion price if the share price falls, potentially affecting the attractiveness of conversion. Meanwhile, Seers' international growth depends on execution in markets with different healthcare systems and reimbursement requirements.
The planned fundraising marks a significant step in Seers' effort to scale its medical AI business internationally. Its results will depend on how effectively the company deploys the proceeds, builds local operations and expands adoption of its diagnostic services.
