Inscobee

What Inscobee does

Inscobee (KRX: 006490) is a Seoul-based, publicly listed Korean multi-business holding company that operates four business segments through seven subsidiaries: Bio (bee venom-based pharmaceuticals, antibody diagnostics, growth factor cosmeceuticals, stem cell therapies via Apimeds, OncoTag Diagnostic, Cellumed, and InsGen), SmartGrid (PLC chip and modem technology for KEPCO's AMI deployments via I&S), MVNO (mobile virtual network operations under the freeT brand across SKT, KT, and LGU+ networks via Freetelecom), and Distribution (cosmetics, consumer products, and traditional watch brands). The company's flagship bio asset is Apitoxin, a bee venom-derived drug approved in Korea as the 1st natural product pharmaceutical and 6th domestic new drug, which completed FDA Phase 3 clinical trials in 2016 and is being spun off into Lokahi Therapeutics in 2026 for US commercialization and Nasdaq IPO preparation. The cosmeceutical portfolio (DERMICOS, CORALHAZE, BEE PLASTY, BIOMEDICA, GetItB) leverages patented FGF7 growth factor technology and is distributed through TV home shopping (Lotte, K Shopping), H&B stores, Naver Smart Store, and international e-commerce platforms (Qoo10 Japan, Red Camel/WeChat China).

Inscobee's revenue model is dominated by MVNO subscription services (151 billion KRW in Q1 2021, the largest Q1 in company history) and supplemented by SmartGrid hardware sales to KEPCO, pharmaceutical product sales and licensing royalties (Apitoxin, M-CF01 diagnostic kit, Suitai Pharmaceutical tech transfer at $250K), and one-time cosmeceutical sales through home shopping and e-commerce. The company reported 586 billion KRW in 2018 revenue and turned profitable after years of losses under CEO Yoo In-soo, who took over in 2015 and previously led turnarounds at Nowcom. As of 2021, MVNO subscriber count was approximately 500,000 with a stated target of 1.3 million and 400 billion KRW in MVNO revenue. The MVNO freeT plan retails at 4,950 KRW/month on the LGU+ network. The company has 50 employees at the parent level, with 2021 capital raises including 200 billion KRW in convertible bonds and an $8M Series A for ApimedsUSA at a $100M valuation to support FDA trials and a planned Nasdaq listing. Recent strategic moves include the 2026 spin-off of the Apitoxin program into Lokahi Therapeutics, leadership transitions at the US subsidiary, and active M&A activity within the bio segment.

Name

Inscobee

Legal name

주식회사 인스코비

Website

https://inscobee.com

Company type

Public

Founded year

1970

Operating status

Operating

Headcount range

11–50 employees

Short description

Inscobee (KRX: 006490) is a Seoul-listed Korean holding company operating four segments through seven subsidiaries: Bio (Apitoxin bee venom drug, MARS1 cancer diagnostics, FGF7 cosmeceuticals), SmartGrid PLC chips for KEPCO, MVNO mobile services (freeT brand), and Distribution of consumer and watch products.

Ownership category

akta.pro rank

Product category

Diversified Bio and Technology Holdings

NAICS

Pharmaceutical and Medicine Manufacturing (3254), Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical Preparation Manufacturing (325412)

SIC

Pharmaceutical Preparations (2834), Medicinal Chemicals & Botanical Products (2833), Biological Products, (No Disgnostic Substances) (2836), Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122)

akta.pro primary industry

Dermatology & Aesthetics Pharmaceuticals (HLAIAAAK)

akta.pro secondary industries

Specialty Pharma & Biologics Distribution (GDP-compliant) (HLAGAMAD), Specialty Pharmacy & Biologics Distribution (CRAOAHAD)

Keywords

• Biopharmaceutical products
• MVNO mobile services
• Smart grid PLC
• Cosmeceutical skincare
• Bee venom pharmaceuticals

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Supply Chain, Marketing or Sales, Personnel, Operations

Revenue model

1. MVNO Telecommunications Services: Inscobee operates MVNO (Mobile Virtual Network Operator) business under the freeT (프리티) brand, providing prepaid and postpaid LTE plans租用 SKT, KT, and LGU+ networks. Reported 151 billion KRW in MVNO revenue in Q1 2021, described as the largest Q1 ever. Additional revenue from mobile device and SIM sales.
2. Smart Grid / AMI Products: PLC chip modems and smart metering equipment sold to KEPCO (한국전력) for AMI (Advanced Metering Infrastructure) deployments. Contract amounts include 43 billion KRW for PLC modem supply. Revenue recognized upon delivery of smart grid infrastructure products to public sector.
3. Pharmaceutical Products and Licensing: Apitoxin (bee venom drug) sold in Korea through pharmacies and medical institutions. International licensing-out (L/O) revenue from global pharma companies, plus royalty payments. Series A funding raised for ApimedsUSA ($100M valuation, $8M invested) for clinical development.
4. Cosmeceuticals and Consumer Products: Bio cosmeceutical brands DERMICOS, BIOMEDICA, BEE PLASTY, CORALHAZE sold through TV home shopping (Lotte, K Shopping), online shopping malls, H&B stores, and international platforms (Qoo10 Japan, Red Camel/WeChat). FGF7-based products and health functional foods generate recurring sales.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

Inscobee is a diversified Korean conglomerate operating across four core business segments: Bio (bee venom-based biopharmaceutical Apitoxin, cancer diagnostic kits using MARS1 antibody, FGF7-based cosmeceutical brands, and stem cell hair regrowth programs), SmartGrid (PLC chip and modem technology for advanced metering infrastructure), MVNO (mobile virtual network services under the freeT brand using SKT/KT/LGU+ networks), and Distribution (consumer products including traditional Korean watch brands). The company sells its own developed pharmaceutical products, manufactured smart grid hardware, retail telecommunications services, and branded cosmetics to both enterprises (KEPCO, global pharma licensing) and individual consumers (mobile plan subscribers, beauty-product buyers).

Product overview

Inscobee operates as a multi-business platform with four distinct divisions: Bio Business (biopharmaceuticals and cosmeceuticals), SmartGrid Business (PLC-based AMI solutions), MVNO Business (mobile virtual network operator), and Distribution Business. The bio division includes Apitox/Apitoxin (bee venom osteoarthritis treatment), cosmeceutical sub-brands (Dermicos, Coralhaze, Bee Plasty, Biomedica, GetItB), and cancer diagnostics (M-CF01). The smart grid division offers PLC chips and AMI solutions for KEPCO. The MVNO division provides budget mobile services under the FreeT brand using major carrier networks. The distribution division handles various consumer products including traditional watch brands (Dolphin, Black Eagles, Beluga, Odin).

Differentiator

Problem solved

Functional benefit

Brands

• 프리티 (freeT): MVNO mobile virtual network operator brand offering affordable prepaid and postpaid mobile services
• 코랄헤이즈 (CORALHAZE)
• 더미코스 (DERMICOS)
• 비플라스티 (BEE PLASTY)
• 바이오메디카 (BIOMEDICA)
• 겟잇비 (Get Eat B)
• 돌핀 (Dolphin)
• 블랙이글스 (Black Eagles)
• 벨루가 (Beluga)
• 오딘
• 한독
• 아피톡신/아피톡스 (APITOX/APITOXIN)
• 프리티모바일 (freeT Mobile)

Products and services

• Apitoxin (아피톡신) Bee Venom Biopharmaceutical Bee venom-based biopharmaceutical drug approved in Korea for osteoarthritis pain treatment and used for autoimmune disease indications. Currently undergoing FDA Phase 3 clinical trials for US market approval. Sold through pharmacies, orthopedic clinics, and Korean medicine hospitals. Used by patients with osteoarthritis, multiple sclerosis, and rheumatoid arthritis, as well as licensed to global pharmaceutical partners.
• freeT (프리티) MVNO Mobile Service Mobile virtual network operator brand offering affordable prepaid and postpaid LTE mobile service using SKT, KT, and LGU+ carrier network capacity. Provides no-contract budget plans to cost-conscious consumers (notably MZ generation). Standard prepaid plan priced at 4,950 KRW/month (165 KRW/day, VAT included). Distributed through direct sales, agency stores, post offices, and convenience stores (Emart24, Morning Glory).
• PLC Chip and Modem for Smart Grid AMI Power Line Communication chips and modems enabling two-way data communication over power lines for KEPCO and other utility Advanced Metering Infrastructure (AMI) deployments. Includes NMS (Network Management System). Supports remote meter reading, grid management, and IoT integration for public utilities. Sold through competitive bidding to government and public utility operators.
• OncoTag M-CF01 Cancer Diagnostic Kit MARS1 antibody-based immunocytofluorescence diagnostic kit (M-CF01) for detecting cancer cells, with demonstrated 94.5% accuracy in bile duct cancer diagnosis (vs 80.7% traditional Pap stain). For use by pathology laboratories, university hospitals, and clinical diagnostic centers performing cancer screening. Includes MFDS manufacturing certification.
• CORALHAZE (코랄헤이즈) Bio Cosmeceutical Brand Bio-cosmeceutical brand featuring FGF7 growth factor-based anti-aging makeup products including CORALHAZE FGF7 Hydro Cell Cushion with cross-linking network system for anti-aging and skincare effects. Sold via TV home shopping (Lotte Home Shopping, K Shopping), online (Naver Smart Store, coralhaze.co.kr), and H&B stores.
• DERMICOS (더미코스) Bio Cosmeceutical Brand Bio-cosmeceutical brand featuring FGF7 growth factor-based anti-aging skincare products including FGF7 Power Intensive Cream and related formulations. Continuously sold out via TV home shopping channels. Distributed via Naver Smart Store (smartstore.naver.com/dermicos), H&B stores, and online platforms.
• BEE PLASTY (비플라스티) Bee Venom Cosmeceutical Brand Bio-cosmeceutical brand featuring real 100% purified bee venom-based skincare products for the beauty market. Part of Inscobee's FGF7 and bee venom-derived cosmeceutical portfolio.
• BIOMEDICA (바이오메디카) Cosmeceutical Brand Bio pharmaceutical cosmetic brand launched to expand Inscobee's cosmeceutical product portfolio, leveraging the company's biotech and FGF7 growth factor expertise.
• GetItB (겟잇비) Topical and Ingestible Beauty Brand Apply-and-eat bio cosmetics brand featuring silk sericin topical products (Get B Silk Sericin Ampoule) and ingestible beauty products (Eat B Silk Collagen Jelly). Combines topical skincare and nutritional beauty.
• Dolphin (돌핀) Traditional Korean Watch Brand Traditional Korean watch brand inherited from Handok Watch Company. Iconic 469-7A model featured in 'Reply 1988' drama. Distributed through retail channels including Emart24 convenience stores and military/government bidding.
• Black Eagles (블랙이글스) Licensed Watch Brand Watch brand officially licensed to use Republic of Korea Air Force special flight team 'Black Eagles' marks and logos.
• Beluga (벨루가) Premium Jewelry Watch Brand Premium jewelry watch brand featuring Swarovski crystal embellishments, including the Sparkling Watch line. Positioned as upscale accessory for women.
• Cholbiome / Cholbiome X3 Cardiovascular Health Food Products Cardiovascular health functional food products (Cholbiome, Cholbiome X3) containing LPLDL probiotic strain from UK Optibiotix/Probiotical (FDA GRAS certified). Exclusively imported and distributed in Korea's 5 trillion KRW health functional food market.

Quantifiable outcome

• MVNO revenue reached 151 billion KRW in Q1 2021, marking the largest Q1 in company history
• +5 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Korea Atomic Energy Research Institute (한국원자력研究院)coreStrategic or Co-development Partner · 1 November 2021Apimeds subsidiary InsGen (인스젠) signed technology transfer agreement with KAERI for 'Bio/pharmaceutical material technology for diabetes and anti-cancer drug development using natural extracts.' InsGen was established as a research institute company with KAERI technology transfer, and Korea Science and Technology Holdings also invested in InsGen. Technology covers anti-diabetic and anti-cancer treatments using banana and moringa extracts with 3 registered patents.
• Suitai Pharmaceutical (수타이제약)minorStrategic or Co-development Partner · 16 September 2021Apimeds signed $250,000 (3 billion KRW) formulation technology transfer agreement with China's Suitai Pharmaceutical for antibiotic product manufacturing and analysis technology development. Suitai Pharmaceutical is a Chinese company established in May 2019 with 500 million yuan in annual revenue, focusing on global pharmaceutical import and distribution in China.
• BC World Pharmaceutical (비씨월드제약)coreStrategic or Co-development Partner · 14 September 2021Apimeds signed MOU with BC World Pharmaceutical for new manufacturing arrangements for Apitoxin and co-development of improved new drugs (개량신약). BC World Pharmaceutical, a Kosdaq-listed CDMO/CMO specialist, will handle Apitoxin production, technology transfer, and manufacturing process changes. The partnership also covers co-development of improved new drugs using Apimeds' formulation and analysis expertise combined with BC World's manufacturing capabilities.
• Optibiotix / Probiotical (영국 프로바이오틱스)minorChannel Partner/ Reseller/ Distributor · 15 July 2021Inscobee signed exclusive Korean import agreement with Probiotical (subsidiary of UK's Optibiotix) for two cardiovascular health food products: 'Cholbiome' and 'Cholbiome X3' containing LPLDL probiotic strain. Optibiotix is listed on London Stock Exchange since 2014, specializing in microbial strain development. Products target Korea's 5 trillion KRW health functional food market.
• Cellumed (셀루메드)coreStrategic or Co-development Partner · 9 June 2021Subsidiary of Inscobee specializing in artificial joint and growth factor technology. Developing mRNA production enzymes for COVID-19, and providing patented substances for bio cosmeceutical business under brands DERMICOS, BIOMEDICA, and BEE PLASTY.
• OncoTag Diagnostic (온코태그디아그노스틱)coreStrategic or Co-development Partner · 9 June 2021Subsidiary of Inscobee developing MARS1 antibody-based cancer diagnostic reagents and kits. Achieved 94.5% bile duct cancer diagnostic accuracy in multi-center clinical study published in GIE journal. Received Korean MFDS manufacturing certification for M-CF01 kit in June 2021.
• Broadcaster Kim Ji-sun (방송인 김지선)minorGTM or Marketing Partner · 14 May 2021Comedian and broadcaster Kim Ji-sun participated as co-developer and promoter of the CORALHAZE FGF7 Hydro Cell Cushion product, featuring in Lotte Home Shopping broadcasts and Kakao TV Muse Awakening program. Kim Ji-sun's endorsement as a beauty-conscious celebrity was used in marketing materials for the product launch.
• StemLab (스코랩) - 고려대 유승권 교수팀coreStrategic or Co-development Partner · 1 March 2016Inscobee partnered with StemLab (led by Professor Yoo Seung-kwon of Korea University) in March 2016 for reverse-differentiation stem cell practical research on hair regrowth program. The partnership developed an implantable tube device to deliver stem cells for hair growth, addressing the cancer risk associated with conventional stem cell treatments. Multiple patents filed globally.

Scale indicators15 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• SK Telecom: Korea's largest mobile carrier and a network partner for Inscobee's freeT MVNO. Comparable as the underlying infrastructure provider whose network capacity Inscobee resells, and as a benchmark for Korean telecom market dynamics.
• KT Corporation: Major Korean telecom carrier and network partner for Inscobee's MVNO operations. Comparable in the Korean mobile market context and as a wholesale capacity provider that MVNOs like Inscobee depend on.
• Amorepacific: Korea's largest cosmetics company with strong bio/cosmeceutical brands. Comparable in the cosmeceutical and skincare segment where Inscobee competes with brands like DERMICOS and CORALHAZE using FGF7 growth factor technology.
• Itron: Global smart grid and AMI (Advanced Metering Infrastructure) solutions provider. Comparable in the smart grid/AMI space where Inscobee's PLC chip and modem technology competes, though Itron operates at a much larger scale globally.

Direct peers

• Celltrion: Leading Korean bio-pharmaceutical company focused on biosimilars and biologics manufacturing. Comparable as a Korean bio-pharma pursuing FDA approvals for innovative biological products, sharing regulatory pathway and global commercialization challenges similar to Inscobee's Apitoxin.
• Kolmar Korea: Korean cosmeceutical and OEM/ODM manufacturer with strong R&D in growth factor and bio-based skincare. Comparable as a Korean cosmeceutical peer pursuing science-backed anti-aging products, with similar TV home shopping and distribution channels.
• Helixmith: Korean bio-pharmaceutical company developing novel biologics including gene therapies with FDA pathway experience. Comparable as a Korean bio-pharma pursuing US FDA approval for innovative biological products, sharing similar regulatory and capital-raising challenges.
• CJ Hello: Korean MVNO and retail distribution company. Comparable as a Korean MVNO competitor pursuing similar cost-conscious consumer segments and leveraging multiple carrier networks for mobile service delivery.

Emerging players

• Peptron: Korean specialty bio-pharma developing sustained-release peptide therapeutics. Comparable as a smaller Korean bio-pharma pursuing specialty pharmaceutical development with FDA regulatory pathway, similar in scale and therapeutic focus to Inscobee's Apimeds.
• Hyundai Bioland: Korean cosmeceutical and bio-pharmaceutical company focused on bio-based ingredients and skincare. Comparable in the bio-cosmeceutical space where Inscobee's FGF7-based brands compete, with similar focus on growth factor and natural ingredient technologies.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Inscobee