SINGAPORE (May 29): Medical technology startup Endofotonics has raised $12 million in its Series B funding on Friday.
The company secured its Series A funding in 2016 from ZIG Ventures and SEEDS Capital, the investment arm of Enterprise Singapore, under the Startup SG Equity scheme.
Investors in this round of funding include Tony Tan Choon Keat, the chairman of Singapore Medical Group (SMG) and founding managing director of Parkway Holdings, and Beng Teck Liang, CEO and executive director of SMG.
The funds will be used to drive commercialization of its early gastric cancer detection system, SPECTRA IMDx, in Asia Pacific, and to expand the coverage of its cancer detection technology to other organs.
The SPECTRA IMDx system helps doctors identify early cancer lesions that are not easily seen, with a proprietary artificial intelligence (AI) that analyses molecular changes that typically occur beyond the stomach lining.
"Leveraging on Raman spectroscopy, we have developed a platform technology that can be applied to multiple organs, giving clinicians real time information to make decisions then and there. Not only can this be applied to early cancer detection, it can be further developed to identify safety margins for dissections or resections," says Peter Cheng, CEO of Endofotonics.
"In spite of the COVID-19 situation, Endofotonics has been able to secure significant funding from prominent local investors, due to their compelling proposition in advancing the early detection of gastric cancer,” says Ted Tan, chairman of SEEDS Capital and deputy CEO of Enterprise Singapore.
“The investment round also validates the successful combination of cutting-edge medical and engineering research, driven by a strong team with core capabilities anchored here in Singapore," he adds.
"Endofotonics' Spectra IMDx is the leading Raman cancer diagnostic tool for gastric cancer wholly conceived and created in Singapore. We are pleased to be part of this exciting journey to further develop and bring to market this innovative technology to the rest of the world," says SMG’s Beng.
"What the team has developed is the forefront in gastric and oesophageal cancer diagnosis and treatment applications. We are excited to support them in this journey," says SMG’s Tan.
