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May 21, 2018

Zikto gets W500m funding from Wells Investment

PUBLISHED : May 09, 2018 - 14:57

UPDATED : May 09, 2018 - 14:57

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[THE INVESTOR] Korean insurtech startup Zikto said on May 9 it has secured a 500 million (US$462,278) fresh funding from The Wells Investment, a local venture capital firm specialized in health care and biotech.

The latest funding comes ahead of the firm’s planned token debut worth 300 billion won this month. It aims to launch Insureum Protocol platform that connects insurers, consumers and third-party solution developers to trade insurance-related data more easily but securely.

“More recently, some startups have started getting funds from institutional investors separate from their planned ICO. It is a new global trend that proves a firm’s competitiveness,” Zikto CEO and CFO David Suh said in a statement. “The latest funding is expected to help speed up our blockchain technology development and the upcoming launch of the Insureum platform.”

Zikto, established in 2014, is best known for its Zikto Walk wearable device and data integration platform The Challenge. It was the first Korean startup to raise US$165,000 funds through the US crowdfunding platform Kickstarter in 2014. It has secured an accumulative 3.8 billion won investments from multiple investors.

By Lee Ji-yoon (jylee@heraldcorp.com)

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