Able Labs Company Profile

Background

Able Labs, established in 2021 and headquartered in Incheon, South Korea, is dedicated to enhancing human health by providing bio-automated solutions. The company's mission is to enable researchers worldwide to focus on more valuable research through lab automation, with a vision to become the most researcher-centric company globally.

Key Strategic Focus

Able Labs specializes in designing, building, and operating cloud-based liquid handling robots that automate laboratory experiments. Their primary products, NOTABLE and SUITABLE, cater to different throughput requirements and price points, aiming to improve efficiency and reproducibility in biological research. The company targets a diverse clientele, including academic laboratories, startups, and established pharmaceutical companies, with a focus on making lab automation accessible and user-friendly.

Financials and Funding

Since its inception, Able Labs has secured multiple funding rounds:

December 2021: Received a grant of $42.2K.

January 2022: Raised $420K in a seed round.

December 2022: Secured KRW 1 billion (approximately $750K) in a seed round led by WONIK Investment Partners.

August 2022: Raised KRW 3 billion (approximately $2.25M) in pre-Series A funding from FuturePlay and Mirae Asset Venture Investment.

The funds are intended for business expansion, including increasing personnel and establishing a local corporation in the United States.

Pipeline Development

Able Labs' product pipeline includes:

NOTABLE: A compact liquid handling robot designed for simple workflows, supporting 11 ANSI/SLAS microplate slots and equipped with features like magnetic and temperature shakers.

SUITABLE: A model designed for more complex and higher throughput workflows, adaptable to various plates, tubes, and reservoirs, with a multi-channel pipette for rapid operation.

These products aim to reduce manual intervention, enhance experiment reproducibility, and alleviate lab professional burnout.

Technological Platform and Innovation

Able Labs distinguishes itself through:

Compact, Flexible Robots: Designed to handle complex workflows efficiently.

Open Integration Architecture: Ensures seamless compatibility with existing lab devices and software.

Modular Web-Based Software: Provides scalable automation solutions with user-friendly interfaces.

The company's cloud-based SaaS platform allows intuitive control of their devices, enabling researchers to automate experiments without specialized technical knowledge.

Leadership Team

Sang Shin, Ph.D.: Co-Founder, Chief Executive Officer, and President. Dr. Shin leads the company's strategic direction and innovation efforts.

Competitor Profile

Market Insights and Dynamics

The laboratory automation market is experiencing significant growth, driven by the need for increased efficiency, reproducibility, and the reduction of manual errors in research processes. The demand for compact, user-friendly, and cost-effective automation solutions is particularly high among small to medium-sized laboratories.

Competitor Analysis

Clear Labs: Offers fully automated genomics testing platforms, focusing on next-generation sequencing for diagnostics and food safety.

Tekla Labs: A non-profit organization providing DIY science infrastructure, enabling scientists to construct their own lab equipment using readily available materials.

Proto Labs: Specializes in rapid prototyping and on-demand production, offering automated manufacturing services that cater to various industries, including medical devices.

Strategic Collaborations and Partnerships

Able Labs has partnered with Samsung Biologics for a proof of concept using NOTABLE, demonstrating significant improvements in automation costs, experiment reproducibility, and reduction in human intervention.

Operational Insights

Able Labs' strategic focus on compact, flexible, and user-friendly lab automation solutions positions it favorably against competitors. The company's emphasis on open integration and modular software enhances its adaptability to various research environments, providing a distinct competitive advantage.

Strategic Opportunities and Future Directions

Able Labs plans to expand its operations by increasing its workforce and establishing a presence in the United States. The company aims to continue developing innovative lab automation solutions that cater to the evolving needs of researchers, thereby strengthening its market position and contributing to advancements in human health.