AI platform company ACRYL Inc. has acquired medical AI company Finehealthcare as part of its strategic preparations for an upcoming IPO. The deal reflects a strong synergy between Finehealthcare’s need for AI technology and ACRYL’s focus on commercializing AI platforms.
With the acquisition completed through a stock swap, Finehealthcare has become a wholly owned subsidiary of ACRYL, laying the foundation for a more advanced business model. As ACRYL pursues a tech-based special listing on KOSDAQ, the company is expected to emphasize its growth potential in the healthcare sector.
Medical AI Platform Development Rooted in Strategic Partnership
According to the investment banking industry on June 5, ACRYL filed for a preliminary KOSDAQ listing review last month. Shinhan Investment Corp. is the lead underwriter. ACRYL selected its IPO advisor in late 2023 and is pursuing a tech-special listing route.
Founded in 2011 by CEO Jin Park, a Ph.D. in computer science from KAIST, ACRYL gained early recognition for its AI capabilities. The company developed Jonathan, an MLOps (Machine Learning Operations) platform that enables businesses to deploy AI in customized ways. In 2018, LG Electronics and SK C&C became strategic investors after recognizing Park’s expertise.
In its early years, ACRYL focused on emotion computing. The company worked on software that could embed emotional intelligence into robots, in collaboration with large corporates. As Park explored broader applications for Jonathan, ACRYL began working closely with Finehealthcare in the early 2020s.
Finehealthcare was founded in 2020 by Hyunkyung Shin, who had spent 30 years in management at a specialized burn hospital. She envisioned combining patient data with AI to build a healthcare solution that could support burn diagnosis and treatment.
While searching for an AI partner, Shin connected with Park, which led to the two companies collaborating. This partnership prompted the development of NADIA, ACRYL’s healthcare-specialized AI platform. The system enabled hospitals to use AI-powered medical information tools. ACRYL later deployed NADIA in hospitals in Tashkent, Uzbekistan.
From 30% Stake to Full Ownership
As the partnership matured, it evolved into an equity relationship. By the end of 2023, ACRYL had acquired a 30% stake in Finehealthcare. With its IPO in sight, ACRYL decided to acquire the remaining shares and make Finehealthcare a wholly owned subsidiary.
ACRYL issued approximately 340,000 new shares to acquire 100% of Finehealthcare, whose book value was about KRW 2 billion. Finehealthcare posted KRW 900 million in revenue and a KRW 100 million operating loss in 2023, compared to a profitable 2022 with KRW 1.8 billion in revenue and KRW 400 million in operating profit.
As a result of the stock swap, Finehealthcare CEO Hyunkyung Shin became a shareholder of ACRYL. As of the end of 2023, she held 510,000 common shares, representing a 9% ownership stake, and currently serves as ACRYL’s Vice President. CEO Jin Park remains the largest individual shareholder with a 22% stake.
Other major shareholders include Tigris Investment’s Fund No. 58 (12.99%), and strategic investors LG Electronics (11.35%) and SK Inc. (5.47%). ACRYL reported KRW 13.4 billion in revenue and a KRW 2.4 billion operating loss in 2023.
Source: The Bell (https://www.thebell.co.kr/free/content/ArticleView.asp?key=202506051540062560105622)