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SINGAPORE, Sept. 13, 2023 /PRNewswire/ -- AWAK Technologies (AWAK), a pioneering medical technology company focused on dialysis using regeneration technology for end-stage renal disease, today announced it has successfully raised US$20+ million in Series B funding. This milestone not only represents the most substantial MedTech fundraising event in Singapore for 2023, but also one of the largest in Southeast Asia this year. The round was co-led by Lion X Ventures and Vickers Venture Partners, both venture capital firms, with other key investors including Advanced MedTech, Eckuity Capital, a US-based healthcare venture capital fund, and an investment office with multibillion dollar assets under management in the healthcare sector.
AWAK PD, a wearable and ultraportable peritoneal dialysis (PD) system, offers patients the freedom to undergo dialysis at home as well as anywhere on the go, overcoming the challenge of long hours of stationary therapy and connection to large-size dialysis machines in hospitals and clinics, a challenge currently faced by patients who need dialysis.
AWAK's patented technologies not only regenerate and reconstitute waste dialysis fluid into fresh usable fluid thus reducing the amount of dialysis fluid needed by up to 90 per cent, but also enable the miniaturisation of the dialysis machine to fit into a small carry bag; hence reducing the burden of therapy and increasing the patient's quality-of-life by providing them with convenience and time.
The new proceeds will be used for several key initiatives, including completing AWAK's ongoing human pre-pivotal clinical trial with Singapore General Hospital, making essential enhancements to the ultraportable PD device in anticipation of a final pivotal trial in the US that is expected to commence in 2025. It will also drive the development of new products, including complementary products to promote home dialysis and integrate digital solutions to improve the home-based care of chronic kidney disease patients.
Suresha Venkataraya, Chief Executive Officer of AWAK Technologies, said: "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."
Irene Guo, Co-CEO of Lion X Ventures, said: "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 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."
Mhamed Mengad, Board Member of AWAK Technologies and Vice President of Vickers Venture Partners, said: "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."
Abel Ang, Chairman of AWAK Technologies and Group Chief Executive Officer of Advanced MedTech, said: "AWAK has demonstrated exceptional progress in its goal to disrupt the US$90B 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."
About AWAK Technologies
AWAK Technologies Pte. Ltd. is a pioneering, patient-centric medical technology company with a mission to enhance the lives of people with kidney disease and their caregivers by providing solutions to deliver better outcomes and improve their quality of life.
Headquartered in Singapore with offices in Burbank, California, USA and Bengaluru, India, the company is dedicated to the research, development and marketing of novel, sorbent-based kidney dialysis machine for the treatment of patients with end-stage renal disease. For more information, please visit: www.awak.com
Contacts:
Dennis Wong / Maryanne Lee, Spurwing Communications, +65 6751 2021, awak@spurwingcomms.com | Priyanka Arya, AWAK Technologies Pte. Ltd, +65 6950 5011, priyanka.arya@awak.com
