Seers (458870) has signed its first major contract in the Middle East market, signaling the start of its global business expansion.
Seers said Monday that it has signed a three-year distribution contract worth at least 22 billion won ($16 million) for its 'mobiCARE' devices with One Health, the digital healthcare subsidiary of PureHealth, the largest healthcare group in the United Arab Emirates (UAE). Under the terms of the contract, Seers will supply at least 105,000 mobiCARE devices over three years, including an initial shipment. The company has obtained product approval for mobiCARE in Abu Dhabi and Dubai and has been preparing the business.
"This contract marks the first business to be developed within the ecosystem of PureHealth, the Middle East's largest medical group with a market capitalization of approximately 8 trillion won," a Seers official said. "It is significant as it serves as the starting point for Seers' entry into this network."
With this single contract, Seers has far surpassed its mobiCARE revenue of 5 billion won from the previous year. mobiCARE, a wearable artificial intelligence (AI)-based electrocardiogram (ECG) analysis solution, is used in hospital diagnostics and health screening. After device supply, the structure generates recurring revenue from repeated testing and data analysis. The Middle East has approximately three times more hypertension patients and more than four times higher ECG testing demand compared to Korea, creating strong demand for prevention-focused care — a favorable factor for Seers.
Following its entry into the Middle East market through this contract, Seers is pursuing a strategy to expand its portfolio to include 'ThynC,' an inpatient monitoring platform. Seers has already completed a proof of concept (PoC) for ThynC at Sheikh Shakhbout Medical City (SSMC) Hospital in Abu Dhabi and expects to enter the Middle East inpatient monitoring market of approximately 800,000 hospital beds through a full contract on a per-bed basis.
"Starting with the Vietnam launch earlier this month and this UAE export, we will expand our business to neighboring countries such as Saudi Arabia and Oman, while also fully targeting the U.S. market, making this year the first year of our overseas expansion," a Seers official said. "After entering the market early based on the mobiCARE diagnostic business, we will continue to expand in stages to include ThynC, driving top-line growth while steadily building a stable revenue structure."
