Late last year, news broke that a medical AI company called Ainex had signed a memorandum of understanding (MOU) with Olympus Korea. Olympus is the undisputed global leader in gastrointestinal endoscopy—including stomach and colon—with an estimated market share of around 70%. It was considered unusual for such a global leader, which has already built its own AI ecosystem, to choose to collaborate with a Korean medical AI company.

Under the agreement, the two companies committed to cooperating in areas such as domestic sales, promotion, and marketing of ENAD, operating programs for healthcare professionals, developing market expansion strategies, and supporting promotional activities at academic conferences and exhibitions. Olympus Korea stated, “This agreement is intended to enable more effective distribution of Ainex’s ENAD in the Korean market,” effectively acknowledging the technological maturity and commercial potential of Korean AI.

In a recent interview with Money Today, David Lee, CEO of Ainex, expressed confidence in the continued growth of the market, saying, “The endoscopy AI market is extremely hot, and gastric and colorectal cancers are among the most prevalent cancers worldwide.” He added, “When I think that what I do helps prevent cancer and save lives, it gives me tremendous meaning and motivation,” and continued, “If you sincerely pursue meaningful work, success will naturally follow.”

ENAD, the solution selected by Olympus, has already gained significant recognition among primary and secondary gastroenterology clinics. Its strengths include compatibility with all major endoscopy systems such as Olympus, Fujifilm, and Pentax, high accuracy in detecting easily missed lesions—such as sessile serrated polyps—and the convenience of real-time verification. According to industry experts, the technology is so advanced that even physicians who were previously skeptical of medical AI have begun to take interest.

Since receiving approval from the Ministry of Food and Drug Safety (MFDS) in 2023, the number of healthcare institutions subscribing to the paid service has grown to approximately 150 globally (including those under contract). With the application of non-reimbursed pricing this year, the company expects revenue to grow more than threefold compared to the previous year.

CEO David Lee explained, “Endoscopists carefully evaluate whether AI can detect lesions quickly and in real time without missing them when choosing a solution,” adding, “Based on robust core technology, we have enhanced the completeness of ENAD through four years of refinement led by leading experts, including Professor Byeon Jeong-sik of Asan Medical Center, Professor Shin Cheol-min of Seoul National University Bundang Hospital, Professor Cho Soo-jung of Seoul National University Hospital, and Professor Bae Jung-ho of SNUH Gangnam Center—all specialists in gastroenterology.”

The response from overseas markets has also been strong. Currently, more than 20 medical institutions across Vietnam, Singapore, Thailand, Malaysia, and Colombia are using ENAD, developed by a Korean startup. In particular, in Singapore—a hub where global medical AI solutions such as those from Medtronic and Fujifilm are actively competing—ENAD has been installed in 8 out of 14 major hospitals. This achievement was driven solely by word-of-mouth following regulatory approval by Singapore authorities in April last year and the CEO’s direct efforts.

“Singapore serves as a gateway to Southeast Asia, where adoption by major hospitals often leads to broader regional acceptance,” said Lee. “Personally, being selected over medical AI solutions developed in various countries has strengthened my confidence in global expansion.”

This year, Ainex plans to maximize synergy between its AI development team and its sales team led by the CEO. While pursuing clinical collaborations with overseas medical institutions, the company will also accelerate global market expansion based on data accumulated in Korea and its partnership with Olympus. In Japan, Europe, and Australia—where reimbursement frameworks for endoscopy AI are already in place—many medical institutions have expressed strong interest, saying they would adopt the technology immediately upon regulatory approval.

Lee has been actively traveling overseas as a “frontline sales leader,” spending around 100 days abroad last year alone. He stated, “Aging is a global phenomenon, and the number of physicians available for clinical practice and education is decreasing, while the role of medical AI will continue to grow.” He added, “True to our name—Ainex, which stands for ‘AI for new medical experience’—we aim to become a company that delivers innovative AI solutions for both patients and healthcare professionals.”