FitPet Continues to Revolutionize the Pet Healthcare Industry
SEOUL, South Korea--(BUSINESS WIRE)--Dec 16, 2020--
FitPet, a leader in healthcare for pets, announces plans to become a Pet Healthcare Platform company that builds a new ecosystem by integrating the fragmented pet industry.
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FitPet, CEO, Junguk Ko (Photo: Business Wire)
Today, over 15 million people are raising pets in Korea. Of course, pet ownership is much higher worldwide and is rapidly growing. Currently, the structure of the conventional pet industry is inefficient and unorganized. However, recently, more areas of the pet industry are being integrated and quality is continuously improving. Various types of innovative technology are emerging in the pet industry, such as smart water dispensers, food feeders, and behavior analysis for companion animals.
FitPet’s goal is establishing a Pet Healthcare Platform and ecosystem. FitPet plans to build a data pipeline throughout the pet’s life cycle, from early identification of diseases, to routine health care visits and treatments at veterinary clinics, hospital bill payments, and insurance claims. Based on the high-quality data collected, FitPet is moving towards providing optimal solutions to pet owners. In addition, various new services will be offered to systematically manage pets in the future.
According to Mr. Junguk Ko, FitPet, CEO, “Qualitative growth of the pet industry is pertinent. FitPet plans to continuously expand customized products and services by identifying potential customers’ market needs based on big data. FitPet will focus on technology development for pet healthcare, including the advancement and enhancement of Pet Bio Kits and its associated App platforms.”
FitPet’s Ahead is a simple health test kit for pets that checks 10 health components such as Specific Gravity (SG or G), Occult blood, pH, and Nitrite using urine samples of pets and indications of abnormal signs of diseases such as diabetes, urolithiasis, liver disease, etc. Ahead has been certified as an official veterinary medical device by the Animal and Plant Quarantine Agency (APQA) in Korea. The technology of FitPet’s Ahead is built in a smart phone App with the basic operating theory of a spectroscope.
Furthermore, FitPet has introduced its own technology called, ‘DETECT’, which is technology used to identify different dogs. Like human fingerprints, the nose of pets is a unique identifier that can replace the identification chip. Using this technology, FitPet launched the industry’s first pet insurance product together with ‘DB Insurance’, one of the major insurance companies. Solving the issue of identifying dogs, whether the dog has an animal chip or not, is a huge cost save for insurance companies.
FitPet products can be found on “FitPet Mall” and includes products, ‘Ahead’, dental chew, ‘Itchu’, and an oral care powder, ‘Plago’.
In addition, more than 2,000 products are currently available, including health checkup kits that assess a pet’s health using hair and saliva.
Founded in 2017, FitPet is a leader in pet healthcare solutions. FitPet’s flagship product, Ahead, is an easy to use and advanced mobile pet urine test kit, successfully merging IT and BT.
FitPet is successfully growing and expanding its business. FitPet is a pet healthcare platform company, not a conventional commercial company. In 2018, revenue was $400,000 USD with the product, Ahead and in 2019, FitPet recorded approximately $7 million USD in revenue since signing on celebrity veterinarian, Seol, Chae-hyun as an exclusive commercial model and expanding its product lines. Revenue has grown by 1,700 percent. Sales in the first half of 2020 was $7.4 million USD, breaking last year’s record, and the total number of customers has increased to over 250,000 in the past six months from 100,000.
FitPet has successfully proven both quantity and quality during its 4 years of establishment and was appointed as a “Global ICT Future Unicorn Fostering (ICT GROWTH)” project by the Ministry of Science and ICT in Korea. FitPet was also named as a Growing Unicorn by the Ministry of SMEs (Small & Medium Enterprises) and Startups in Korea. Many major Financial Investors such as Premier Partners, LSK Investment, Mirae Asset Capital, Samsung Venture Investment, LB Investment, and PNP Investment are also empowering BM expansion through their investments.
For more information, please visit
Website : www.fitpetcorp.com
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CONTACT: Scott Lee
+82 10 4349 2630
KEYWORD: ASIA PACIFIC SOUTH KOREA
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PUB: 12/16/2020 09:00 AM/DISC: 12/16/2020 09:00 AM