CEO Hong Sung-pyo: “We aim to become the next TheCeres with a patient monitoring integration platform”

 

 

– Targeting the smart hospital market with a vendor-neutral, subscription-based model

 

Digital healthcare solutions company People and Technology Co., Ltd. (CEO Hong Sung-pyo) is accelerating its growth strategy. Now in its 14th year since founding, the company began its business at a time when the Internet of Things (IoT) was gaining the same level of attention that artificial intelligence (AI) receives today. Initially securing defense industry contracts using Bluetooth-based indoor location monitoring technology, the company later expanded its business into hospital automation.

 

People and Technology focuses on a vendor-neutral, subscription-based business model that integrates various medical devices used in hospitals and allows their data to be monitored through a single control system. In the market, the company most often compared with this model is TheCeres Technology, a patient monitoring system company that rapidly grew to a market capitalization of approximately KRW 2 trillion after its KOSDAQ listing last year.

 

▲ People and Technology CEO Hong Sung-pyo explains the company’s platform-centered business strategy. (Photo = Edaily)

 

 

 

 

 

Healthcare IoT Platform Company Founded in 2013

 

 

CEO Hong Sung-pyo stated:

 

“We do not develop medical devices ourselves. Instead, we will compete as a platform company that connects our customers’ devices to hospital systems. We are currently finalizing our Series C bridge funding round and plan to pursue a **KOSDAQ listing next year.”

 

The IPO lead manager is Kiwoom Securities.

 

People and Technology was co-founded in 2013 by CEO Hong Sung-pyo and Vice President Lim Jin-soon, both born in 1971 and longtime friends. After gaining five years of IT experience at LG CNS, Hong pursued several entrepreneurial ventures and worked at Gaon I and the Myriad Group before founding People and Technology at the age of 42.

 

In its early years, the company achieved results in security and factory automation, including projects with Hanwha Aerospace, and received seed investment from BonAngels Venture Partners.

 

Since then, the company has secured investments from several institutions, including:

• Korea Technology Finance Corporation (Pre-Series A)

• Aju IB Investment and Kingo Investment Partners (Series A)

• Kiwoom Investment and KB Investment (Series B)

• Solidus Investment and Meritz Securities (Series C)

 

 

Its total accumulated investment has reached KRW 15.2 billion. The company is currently conducting a Series C bridge round at a valuation of approximately KRW 90 billion and plans to apply for a technology evaluation for IPO eligibility between March and April.

Solutions Deployed in 85 Hospitals… Revenue Target of KRW 20 Billion This Year

 

 

Since 2017, the company has expanded into hospital automation, and currently provides solutions to 85 hospitals, including:

• Yongin Severance Hospital

• National Cancer Center

• Korea University Hospital

• Seoul St. Mary’s Hospital

 

 

Among its 14 medical services, the flagship platform IndoorPlus SmartCare connects patient data, EMR systems, and AI-based medical services into a single integrated environment.

 

Healthcare staff show particularly high satisfaction with the asset-tracking solution, which allows real-time location tracking of mobile medical equipment.

 

CEO Hong stated:

 

“Our goal this year is KRW 20 billion in revenue, and we aim to shift the structure of our healthcare revenue toward subscription-based recurring revenue.”

 

The company recorded KRW 11.3 billion in annual revenue in 2023, maintaining stability despite disruptions in the healthcare sector thanks to defense and other industry revenues.

Vendor-Neutral Model Will Become Stronger as Competition Intensifies

 

 

CEO Hong emphasized that vendor neutrality is the company’s key competitive advantage.

 

“It is difficult for a single company’s devices to cover all departments within a hospital. Our strength is that we can integrate any medical device into our platform—even devices we did not manufacture ourselves.”

 

Currently, the platform integrates 50 medical devices from 30 companies, including Mezoo, ATsens, and Omron.

“Aircraft Carrier Strategy” for Global Expansion

 

 

This model also supports the company’s global expansion strategy, which CEO Hong describes as an “aircraft carrier strategy.”

 

When People and Technology builds smart hospitals overseas, the platform can serve as a foundation on which Korean partner companies’ medical devices are deployed together, effectively creating an international market entry channel for domestic medical device manufacturers.

 

 

 

CEO Hong also highlighted similarities with Xealth, the digital health platform acquired by Samsung Electronics, emphasizing the importance of aggregating diverse data and delivering it through AI-driven data processing.

 

“We do not develop our own medical devices. Instead, we will compete as a platform company that connects our partners’ devices to hospital systems.

Just like launching different fighter jets from an aircraft carrier, our platform will serve as a gateway for Korean medical devices to enter global markets.”

— Hong Sung-pyo, CEO of People and Technology