Yongin City Signs 55 Billion KRW Investment MOU with LivesMed to Strengthen Medical Device Industry Hub

City Partners with LivesMed to Foster Advanced Medical Device Industry
Specialized Job Creation and Local Economic Vitalization Anticipated
Mayor Lee Sangil: "We Will Support LivesMed’s Growth into a Major Company"

Yongin Special City in Gyeonggi Province (Mayor Lee Sangil) is joining forces with advanced medical device manufacturer LivesMed Co., Ltd. to expand the region's medical industry ecosystem.

Lee Sangil, Mayor of Yongin Special City (left), and Lee Jungjoo, CEO of Livesmed Co., Ltd., are taking a commemorative photo after signing the business agreement for corporate investment attraction at the meeting room of Yongin Special City Hall on the 3rd. Provided by Yongin City

On July 3, Yongin Special City announced that it had signed a Memorandum of Understanding (MOU) with LivesMed Co., Ltd. for the establishment of a factory and attraction of investment at the city hall’s reception room.

Under this agreement, Yongin Special City will provide administrative support, including permits and approvals, throughout the entire process of LivesMed’s factory establishment, as well as tailored administrative services to ensure smooth business operations. LivesMed plans to invest a total of 55 billion KRW to build advanced manufacturing facilities and expand its production capacity.

Mayor Lee Sangil stated, “While Davichi’s surgical robot, which pioneered the global surgical robot market, can rotate 60 degrees up, down, left, and right, LivesMed Co., Ltd. possesses the outstanding technology to manufacture robots capable of performing laparoscopic surgery at a 90-degree angle. We welcome such an excellent company establishing itself in Yongin, and we will ensure that all necessary administrative procedures are handled swiftly.”

He added, “Yongin Special City has provided prompt administrative support for companies moving into the region and will continue to spare no effort in supporting companies with high growth potential. We will support LivesMed to help it become an even greater company in Yongin and cheer them on together with our citizens.”

Lee Jeongju, CEO of LivesMed Co., Ltd., said, “It is meaningful for LivesMed to establish its Advanced Manufacturing Facility (AMF) in Yongin Special City, which is becoming the center and global hub of Korea’s advanced industries. From ‘ArtiSential’ produced in Yongin to the surgical robot ‘STARK,’ we will strengthen our presence in the global medical device market and actively contribute to Yongin Special City’s emergence as a medical industry hub.”

Founded in 2011, LivesMed Co., Ltd. is a specialized medical device manufacturer. The company has attracted global attention by developing ‘ArtiSential,’ a laparoscopic surgical instrument featuring a multi-joint structure capable of 360-degree movement in all directions, and was listed on KOSDAQ in December last year.

Yongin Special City expects this investment to further strengthen its medical and robotics-based advanced manufacturing industry, as well as create jobs for specialized professionals and revitalize the local economy.

Lee Sangil, Mayor of Yongin Special City, and Lee Jeongju, CEO of Livesmed Co., Ltd., are posing for a commemorative photo with attendees after signing the business agreement for corporate investment attraction at the meeting room of Yongin Special City Hall on the 3rd. Provided by Yongin City

Meanwhile, LivesMed Co., Ltd. plans to invest 55 billion KRW to build an advanced medical device manufacturing facility on a 44,073.80 square meter site at 720 Jigok-dong, expanding its production capacity for multi-joint surgical instruments and robotic platforms.

This content was produced with the assistance of AI translation services.