South Korean internet corporation Naver announced it had formed a partnership with InBody, a domestic firm specializing in body composition analysis equipment, as it pursues its goal of expanding into the international digital healthcare industry.
Through the deal finalized, Naver will obtain an 8.5 percent ownership position in InBody while enhancing their collaborative relationship in digital healthcare, the company stated.
InBody manufactures and distributes body composition measurement devices along with associated services on a global scale. This collaboration reflects Naver's ongoing efforts to broaden its operations within the healthcare industry.
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Last August, the company made an investment in JNPMedi, a Seoul-headquartered medical technology firm, to work together on developing the company's AI-powered digital clinical trial platform.
Naver's current platform includes fundamental healthcare functionalities like step tracking and medical appointment booking services.
"By partnering with InBody, the global leader in body composition analysis, we plan to introduce innovative health care services combining AI and data to the global market — data-driven, personalized health management services that seamlessly connect online and offline," said Choi In-hyuk, head of Naver's health care business division.
"We are developing services that provide tailored health management by addressing diverse user needs, including senior care, diet and wellness," he added.
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This marks NAVER's second investment in healthcare stocks. When focusing specifically on publicly traded companies, this represents their inaugural purchase. Previously in August, NAVER chose to make an equity investment in JNP Medi, which remains unlisted. JNP Medi operates as a company that delivers clinical trial data platforms to pharmaceutical, biotechnology, and medical device companies through the use of artificial intelligence technology.
NAVER views healthcare as a key driver for future expansion. Among the 118 startups that have received funding through NAVER's investment division D2SF, healthcare companies represent the largest portion at 18 percent.
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This trend appears to stem from the numerous opportunities for integration with AI technology. Healthcare companies that have received NAVER's backing include ◇ PranaQ for AI-powered sleep technology, Nuvi Lab for AI-based dietary nutrition analysis, and Monitor Corporation for medical AI applications. InBody has reportedly been investigating methods to enhance new AI business initiatives from within.