Think is a medical device manufacturer, and has developed a small MRI that is only one-third of the price of the existing MRI price. The company introduced its core technology and vision at the domestic IR day of the 2020 Xinova Global Acceleration Program in Pangyo held at the Pangyo Startup Campus on September 24. CEO Jang Woo-joo of Think explained, “If we expand the penetration rate of MRI and diagnose brain diseases early through nMRI, we will be able to reduce related medical costs and also contribute to improving the quality of life.”
Through the miniaturization and vertical design of superconducting magnets and gradient coils, which are key MRI components, the company was able to develop nMRI (neuro MRI), a small MRI for brain that has reduced the size and price by 75% compared to conventional MRI. In addition, Think was able to innovatively reduce the manufacturing cost of nMRI by completely replacing helium, a superconducting coolant, with a conduction cooling method developed with its own technology.
The existing MRI was made for the whole body, so it requires space and it is expensive. In addition, since only experts could operate it, a separate manpower was required, and the filming time took more than 30 minutes. On the other hand, nMRI developed by Think can be installed in small hospitals because it is easy to operate, and the imaging time is less than 15 minutes. On top of that, the image quality is same or better than the counterpart.
Jang added, “It is optimized for the brain and has improved performance despite miniaturization, and the size, recording time, quality, and operational convenience are all evaluated as superior to conventional MRI.” Think plans to supply nMRI to domestic and overseas hospitals where MRI is used, as well as to hospitals that did not have MRI due to various limitations such as neurology and psychiatry, medical institutions for dementia treatment, emergency rooms, and dentist’s offices.
Think was selected to participate in the Xinoba Global Acceleration Program in Pangyo, the global startup fostering project run by Gyeonggido Business & Science Accelerator, and it is receiving support for office space and infrastructure prepared at Pangyo Technovalley Startup Campus for one year from last March. Also, it is receiving the chance to participate in the specialized programs such as education, mentoring, and networking for overseas expansion and overseas IR/demo days.
Think is located in Pangyo Technovalley, equipped with cutting-edge technologies and innovative support systems that will lead Industry 4.0, meeting its reputation as the innovation hub of Asia. According to the “2020 Pangyo Technovalley Resident Company Survey” conducted by Gyeonggido Business & Science Accelerator and Technology, the number of resident companies as of 2019 was 1,259, and about 93% of the resident companies were in high-tech industries such as IT, CT, BT, and NT and about 86% are SMEs. Also by having pharmaceutical and biohealth company research labs like Institut Pasteur Korea, Samjin Pharm Central Lab, and Huons and headquarters clustered here, it is becoming the new land of opportunities for medical startups like Think.