KAIST and Checkmate Capital Complete Investment in Bredis
Investment Accelerates Bredis’ Capacity Expansion, Integrated Platform Development and Commercialization in Korea
Further Announcement of Bredis’ Agreements with Major University Hospitals
SEOUL, Korea and PASADENA, Calif., May 25, 2023 (GLOBE NEWSWIRE) — KAIST Venture Investment Holdings (“KAIST” or “KAIST Ventures”), the venture investment fund of Korea Advanced Institute of Science and Technology, and an affiliate of Checkmate Capital Group, LLC (“Checkmate”), a cross-Pacific strategic advisory group and investment office, are pleased to announce the completion of their investment into Bredis Healthcare (“Bredis”). Bredis is a leading neurodegenerative diagnostics company that has pioneered its patent-protected, digital ELISA technology that is 10,000 times more sensitive than existing blood test technology.
KAIST led the redeemable convertible preferred stock investment and Checkmate was the sole non-Korean investor. The transaction is an extension of the partnership and collaboration previously announced between KAIST and Checkmate last year in which a KAIST-Checkmate consortium became a program operator in Korea’s Tech Incubator Program for Startups (“TIPS”).
Founded in February 2023, Bredis is already providing its ultra-sensitive biomarker detection services to leading university hospitals and research institutes in Korea and is preparing product approvals for in-vitro diagnostic medical devices. Bredis has developed a proprietary platform that accurately diagnoses Alzheimer’s disease with a simple blood test, predicts prognosis of future health outcomes, and supports disease management. Bredis’ ambition is to provide an integrated solution for the diagnosis, prevention, treatment, and management of dementia by utilizing its state-of-the-art biomarker tests and proprietary artificial intelligence (AI) data analytics models. The Bredis blood-based biomarker is derived from many years of clinical research conducted by Bredis’ founders.
“Using its proprietary biomarker analysis technology, Bredis solves many well-known, chronic problems in the neurodegenerative diagnostics market. Bredis’ technology uses AI-driven data analytics and a blood -based approach to enable the early diagnosis of Alzheimer’s disease. This investment will help accelerate Bredis’ commercial growth and the buildout of its laboratory facilities. As a startup team from KAIST, we believe Bredis will become a promising biomarker-based diagnostics enterprise that grows rapidly through the KAIST startup ecosystem,” commented Henry Chung, CEO of KAIST Ventures.
“We believe that, in light of recent advancements in the treatment and control of neurodegenerative diseases, including humanized monoclonal antibodies targeting amyloid beta plaques and Treg cell therapy targeting neuroinflammation, Bredis has perfectly timed the launch of its high-sensitivity blood-based biomarkers for neurodegenerative diseases. We expect that early detection combined with integrated disease treatment and management will offer new tools that can begin to turn the tide against devastating diseases such as Alzheimer’s and other forms of dementia,” commented Checkmate CEO Tom Paschall.
“We are delighted that Bredis is Checkmate’s first direct investment in Korea, sourced through our new international office based in Seoul, and our first collaborative investment with our trusted partner, KAIST,” stated Jay Ryu, Managing Director of Checkmate. “Bredis has impressed us with the rapid adoption of its technology and development of commercial partnerships within Korea, and we believe there is significant potential for further commercial partnerships and adoption globally.”
Hyundoo Hwang, CEO of Bredis Healthcare, said, “This seed investment will enable Bredis to achieve major milestones related to its business, including in relation to licenses, permits and capacity buildout. We are delighted to have completed this investment from KAIST and Checkmate and look forward to building international awareness of Bredis’ technological advantages.”
In addition to completing the investment, Bredis has signed a memorandum of understanding with Hanyang University Guri Hospital for the development and commercialization of biomarkers for intractable diseases. Bredis also has signed a business agreement with Pusan National University for research and development of diagnostic test technology based on patient data.
About KAIST Venture Investment Holdings
KAIST Venture Investment Holdings is the venture investment arm of Korea Advanced Institute of Science and Technology, a research-oriented science and engineering institution and one of Korea’s most prestigious universities. For more information see http://kaistventures.com/.
About Checkmate Capital
Checkmate Capital is an investment and cross-Pacific strategic advisory group managing family office assets with a global commercial and industry-specific network. Checkmate Capital’s primary areas of investment are biotechnology, life sciences, medical technology, agriculture technology, and energy technology. Our team provides seasoned expertise in our focused industries, leveraging an international group of strategic partners, business talent, and resources. For more information, visit www.checkmatecapital.net.