Active implantable electronic medical device company Todac Co., Ltd. (CEO Min Gyu-sik) announced on the 14th that it has selected Hana Securities as the lead underwriter for its listing and has begun the initial public offering (IPO) process.

Todac is a medical device company that has been promoting the localization of cochlear implant technology, which had previously relied entirely on imports. According to the company, it has developed 32-channel electrode technology using a laser patterning process, increasing neural electrode density compared with existing competing overseas products (12–22 channels), and is also expected to reduce costs based on mass production.

The company stated that it has completed clinical surgeries on 10 patients, and that improvements in hearing-related indicators were observed in many of the patients who underwent surgery. According to the company, this clinical trial is separate from official certifications or approvals by authorities such as the Ministry of Food and Drug Safety.

Todac recently completed a KRW 10 billion Series C funding round, with participation from Stonebridge Ventures, IBK Industrial Bank of Korea, and others. The company said that cumulative private investment raised amounts to KRW 24.4 billion. It has also been selected for “Scale-up TIPS,” a government deep-tech promotion program.

Todac is currently expanding its domestic implant surgery base, focusing on Samsung Medical Center and Seoul National University Hospital. It is also pursuing overseas market entry, including product approval applications in Vietnam, preparation for clinical trials with the U.S. FDA, the signing of an MOU in Malaysia, and consideration of expansion into the Middle East. Based on this agreement, Todac plans to proceed with listing procedures, including due diligence.

CEO Min Gyu-sik said, “In cooperation with Hana Securities, the company will thoroughly prepare for the IPO process.”

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