Medical technology (MedTech) company, Awak Technologies, has successfully raised over US$20 million ($27.2 million) in its Series B funding.
The close marks one of the most substantial MedTech fundraising events in Singapore in 2023. It is also one of the biggest fundraising series in Southeast Asia this year.
The Series B round was co-led by venture capital (VC) firms, Lion X Ventures and Vickers Venture Partners. Other key investors include Advanced MedTech and US-based healthcare VC fund Eckuity Capital, which is also an investment office with multibillion dollar assets under management (AUM) in the healthcare sector.
Awak Technologies is focused on dialysis that uses regeneration technology for end-stage renal diseases. Its product, Awak PD, is a wearable and ultraportable peritoneal dialysis (PD) system which offers patients the freedom to go through dialysis treatments at home or on the go.
The company’s patented technologies regenerate and reconstitute waste dialysis fluid into fresh usable fluid, which reduces the amount of dialysis fluid required by up to 90%. Thanks to this technology, the machine used for dialysis can also now be reduced to fit into a small carry bag.
According to Awak Technologies, the new proceeds will be used for several key initiatives including completing its ongoing human pre-pivotal clinical trial with Singapore General Hospital. Other uses include making essential enhancements to the portable PD device in anticipation of a final pivotal trial in the US, which is expected to start in 2025. The funds will also be used to develop new products, including complementary products to promote home dialysis and integrate digital solutions to improve the home-based care for chronic kidney disease patients.
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“We are delighted to welcome new investors, as well as our existing investors, who believe in our mission to disrupt the kidney care industry by investing in our Series B round, even amidst challenging market conditions. The significant investment in this round, at a higher valuation than our Series A, is a testament to the remarkable progress we've made with our ultraportable device and strategic portfolio expansion. This investment now propels us towards new and exciting milestones, including further development of our PD product, and an upcoming pivotal clinical trial in the US. On behalf of our dedicated team and board, I extend my heartfelt gratitude to all our investors who share our unwavering commitment to revolutionizing kidney care,” says Suresha Venkataraya, CEO of Awak Technologies.
“With the dearth of innovation in peritoneal dialysis over the past decades whereas kidney failure is on the rise worldwide, we need new breakthroughs that fundamentally revolutionize dialysis. The next generation dialysis solution is ought to not only be lifesaving but also restore productivity and dignity with convenience and ease for the millions of end-stage renal disease (ESRD) patients. We are hopeful that Awak Technologies is poised to debut the world’s first wearable kidney device that changes dialysis forever. A strong pipeline of relentless innovation at Awak in sorbent-based regeneration technology, remote patient monitoring and AI will continue to transform the industry for better and for good, promoting kidney care decentralization and benefiting millions suffering. Lion X Ventures is thrilled to be part of this journey and looks forward to contributing to Awak’s continued success,” says Irene Guo, Co-CEO of Lion X Ventures.
“We are excited to continue supporting Deep Tech companies like Awak, as they are making tremendous progress towards bringing life-changing products and solutions to kidney patients. Covid-19 unveiled the intense strain healthcare providers are experiencing and the necessity to complement their capabilities with home therapies and care. Awak is uniquely positioned to effectively manage kidney patients and support their transition to in-home care settings,” says Mhamed Mengad, board member of Awak Technologies and vice president of Vickers Venture Partners.
“Awak has demonstrated exceptional progress in its goal to disrupt the US$90 billion global dialysis market. The size of this series B round and valuation step up, despite challenging market conditions, brings Awak one step closer to transforming the lives of kidney dialysis patients with its revolutionary portable dialysis device. I am proud of what the team has achieved, and am excited for how Awak will change kidney care forever,” says Abel Ang, chairman of Awak Technologies and group CEO of Advanced MedTech.
