Neofect said Tuesday that the Korea Exchange (KRX) has completed its preliminary screening for its KOSDAQ listing and has approved the company under the “technology exception policy.”
The technology exception policy makes listing easier for smaller firms with technological growth potentials. With the approval, Neofect will enter the secondary bourse through an initial public offering (IPO) after filing a securities report next month.
Founded in 2010, Neofect is the world's only company that combines AI with rehabilitation platforms. The company offers a rehabilitation platform that enables patient-tailored training with AI technology and telemedicine, rehabilitation devices that incorporate robotics with IoT sensor technology, and rehabilitation software in the form of video games.
The company’s Rafael Smart Glove has won numerous awards such as the CES 2017 Innovation Award and AARP (American Retirement Association) 2017 Innovation Champion Award. The company has won another CES innovation award with its Raphael Smart Pegboard in 2018 and aims to receive the same award next year with its NeoMano.
With such global hit products, Neofect has received keen attention in the U.S. and has become a clinical partner with Stanford, RIC, and other renowned medical institutions.
Through its unique rehabilitation platform, the company is also accelerating into the B2C market.
According to Neofect, about 700 patients already use the company’s AI-based home rehabilitation service, which is small, lightweight and affordable. Neofect expects that such success will help its full-fledged expansion in the U.S. telemedicine market.
“Neofect has set up companies in the U.S. and Germany and is ready to take on the rapidly growing B2B and B2C rehabilitation market,” Neofect CEO Ban Ho-young said. “As the only AI rehabilitation solution company, we will continue to strive for the benefit of rehabilitation training for patients around the world by accelerating sales growth through technological advancement, product diversification, and target market expansion.”