Sky Labs, a medical device firm best known for its blood pressure monitoring ring, has filed for a KOSDAQ listing with South Korea's Financial Services Commission and is now getting ready for an IPO.

According to reports, the business intends to offer 2 million shares with the goal of raising up to 32 billion won ($21.5 million) to fund its expansion into pharmaceutical clinical trials and transition into a medical data platform company.

The IPO filing comes after the introduction of what Sky Labs claims to be the first BP ring for ward use in history, as well as regulatory clearances in Europe and the UK earlier this year. After verifying that Sky Labs' ring functioned similarly to traditional BP monitoring techniques, the Korean Society of Hypertension (KSH) has offered what may be the first formal recommendation of ring-type cuffless BP devices in history.

We believe now is the right time for an IPO because, with our unrivalled technology, we have successfully established ourselves within the regulated medical market while demonstrating strong financial growth. Our product, CART BP pro, is the first wearable cuffless BP monitor to obtain both medical device approval and health insurance reimbursement coverage, and is now used in about 2,000 hospitals and clinics nationwide. We have moved beyond technological validation to a business model in which recurring clinical use generates revenue, Sky Labs CEO Jack Byunghwan Lee told MobiHealth News.

The company said its revenue had grown more than 13-fold in just two years, rising from approximately 600 million won ($405,000) in 2023 to 4.1 billion won ($2.8 million) in 2024 and 7.9 billion won ($5.3 million) in 2025. It added that first-quarter revenue this year reached 2.1 billion won ($1.4 million), representing a 354% increase compared with the same period last year. The company also reported that its gross profit turned positive, reaching approximately 3.9 billion won ($2.6 million) in 2025.

He also said Sky Labs’ planned KOSDAQ listing would mark a significant milestone in its transformation from a ring-type wearable technology company focused on blood pressure monitoring into a platform enterprise that continuously generates vital-sign data. It said the credibility and capital raised through the listing would enable it to diversify its technology portfolio to monitor additional vital signs while expanding its clinical data platform business.

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Byunghwan Lee also noted that its CART BP Pro device has already been adopted in a large-scale cohort study led by the National Institute of Health under the Korea Disease Control and Prevention Agency. According to the company, the adoption represents an important first step in its transition into a clinical data platform business, demonstrating that the strategy is already being implemented rather than remaining a future plan.

He said his company expects to raise between 26 billion won ($17.5 million) and 32 billion won ($21.5 million) through the offering. They plan to use these proceeds primarily in three key areas.

First, the company will improve its ring-type BP monitors, which it currently sell to both hospitals and consumers, by reducing their weight and increasing their durability.

Second, the company will expand its product lineup and develop an AI medical data platform.

Third, it will secure clinical evidence and accelerate the process of obtaining overseas regulatory approvals.

While conventional medical AI companies have focused on analyzing data accumulated within hospitals, Sky Labs differentiate itself by having established a structure to generate valuable medical data directly through wearable devices, according to Byunghwan Lee.

“For hospitals and clinicians, we provide vital sign data from patients 24 hours a day outside the office, supporting more precise and multifaceted diagnoses. Patients can measure their vital signs comfortably during their daily lives,” Byunghwan Lee said.

Furthermore, for pharmaceutical partners, we plan to provide real-world vital sign data for clinical trials, opening up a new avenue for collaboration to evaluate drug performance and expand indications.”