Here's What's Going On With BlueLeo, A Startup Directly Invested By SYP. Source: The Bell 2019-10-17

"Only 2.5 percent of all dentists in the country have access to proper dental treatment. More than 30% of the 5 trillion won spent on long-term care benefits is used to treat oral diseases because of the vicious cycle of not being managed."

CEO Lee Seung-min, who met at BlueLeo's headquarters in Tipstown, Yeoksam-dong, Seoul on the 11th of this month, said, "BlueLeo wants to play a role in reducing social costs raised by dependence on post-treatment."

BlueLeo is a development and manufacturer specializing in oral products established by CEO Lee in March 2016. Having dreamed of becoming an entrepreneur early in high school, he decided on the mission of his first start-up corporation with Blue Leo, which was created by combining "Blue Ocean" and "Red Ocean," based on the idea of "a product that may but does not exist in the world."

CEO Lee said, "I've been watching my mother's cancer battle disease for a long time, and I thought I needed a product to help those who have difficulty brushing their teeth while volunteering at the Seoul Metropolitan City Cerebral Palsy Welfare Center as an adult." He explained, "After a long preparation, we developed an electric toothbrush with a suction function, and it has just been three years since its establishment, but we have a total of 65 intellectual property rights at home and abroad with related technologies."

BlueLeo is benchmarking Selvas Healthcare, which developed the visually impaired assistive device brand "Hims." Although it is not widely known to the public as it targets niche markets, it is an unrivaled company that occupies about 97% of the domestic related market share. It also ranks third in the global market with the Braille information terminal "Hansone" for the visually impaired.

CEO Lee said, "It is important to preoccupy the market because auxiliary devices require continuous communication with product users," and explained, "It is an area where low-cost products do not work after brand loyalty is established." He added, "The G100, a tooth brushing aid developed by BlueLeo, will also be able to preoccupy it with a product that is currently unprecedented in the world."

The G100 is an electric suction toothbrush with a light that allows you to see the inside of your mouth and a sewage container that collects ferns. BlueLeo has implemented G100 through its own motor control technology such as low current, low voltage, low noise, and low heat generation, and is directly conducting assembly to full inspection. Celebrating the first anniversary of its launch, various domestic institutions, including the Lotte Group Welfare Foundation, the Beautiful Foundation, and the corporation's work and welfare, have designated them as distributed items and are being supplied nationwide.

CEO Lee said, "It is speeding up by signing a preliminary supply contract of about 1.3 billion won right after establishing the corporation." "Last year, it was the only private company to participate in the development of customized oral care services that deliver tooth brushing feedback."

The G100's overseas expansion is also gaining momentum thanks to meticulous preparations. In the early days of its establishment, BlueLeo attracted investment from the patent law office SYP and gained patent competitiveness. Currently, four patents and one patent registration related to the G100 have been completed in the U.S. and Japan, respectively. Based on this, the U.S. is currently preparing to register the G100 as a local insurance company's purchase cost refund item (PDAC HCPCS CODE) and establish a corporation in Seattle. In Japan, the company has signed a distributor contract and is preparing to release it at the end of the year.

The next market is targeting Europe. CEO Lee said, "I went to REAH CARE, Germany's largest rehabilitation welfare exhibition, in September, and we are securing a dealership channel due to the good local response," adding, "We will enter the European market with Germany, which offers the highest standards in various fields such as quality."

CEO Lee said, "We understand the related market at around KRW 2 trillion, including children, the elderly, and dementia patients, as well as the disabled, and our annual sales target is KRW 10 billion."