Medtech startup AWAK Technologies raises more than US$20 million in Series B funding

SINGAPORE-BASED startup AWAK Technologies has raised more than US$20 million in Series B funding, the company said on Wednesday (Sep 13).

Venture capital (VC) firms Lion X Ventures and Vickers Venture Partners co-led the round, which also received participation from other investors such as Temasek-backed Advanced MedTech and US-based healthcare VC fund Eckuity Capital.

The funds will be used to conclude the startup’s ongoing human pre-pivotal clinical trial with Singapore General Hospital and improve its ultraportable peritoneal dialysis (PD) device in preparation for a final pivotal trial in the US.

The funds will also be used to develop new products such as complementary items for home dialysis, and implement digital solutions to enhance home-based care for chronic kidney disease patients.

AWAK focuses on dialysis using regeneration technology for end-stage renal disease. It said its patented technologies can cut the amount of dialysis fluid required by up to 90 per cent.

AWAK has also miniaturised the typical large-sized dialysis machine to fit into a small carry bag, producing a wearable PD device that allows patients to go through dialysis at home and on the move.

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“The next-generation dialysis solution ought to not only be lifesaving but also restore productivity and dignity with convenience and ease for the millions of end-stage renal disease patients,” said Irene Guo, co-chief executive of Lion X Ventures.