Singapore-based kidney disease treatment developer Awak Technologies has secured $11.2m from investors led by kidney stone treatment provider Accuron MedTech, a unit of state-backed investment firm Temasek.
Accuron MedTech, a subsidiary of Temasek-owned precision engineering group Accuron Technologies, invested via MedTech Alliance, a Singaporean accelerator launched in 2014 to nurture medtech startups operating in specialties such as urology, cardiovascular, orthopedics, diagnostics and ophthalmology.
Several current Awak shareholders also took part in the round, including medical equipment provider Baxter Healthcare, and TP Innovation Holdings, the tech transfer office for Singaporean post-secondary vocational institute Temasek Polytechnic.
Founded in 2007, Awak is the developer of wearable, portable medical devices aimed at patients suffering from end-stage renal disease, who currently require either a kidney transplant or are forced to undergo dialysis.
There are two types of dialysis where Awak’s sorbent-based technology platform can be used: hemodialysis, which involves pumping blood from the patient into an artificial kidney machine, and peritoneal dialysis, which involves pumping cleansing fluid through a catheter placed in the peritoneum, the inner lining of the abdominal cavity.
Awak says that by regenerating and reconstituting used dialysis fluid, turning it into fresh fluid, its sorbent technology uses up to 90% less dialysis fluid than conventional machines, thereby allowing for smaller, more portable filtration devices that patients can wear.
The latest funding will enable Awak to accelerate its research and development as it looks to bring its products to market by 2018.
Awak previously raised S$2m ($1.4m) in capital and an additional S$1m in grants from unnamed backers.
– This article first appeared on our sister site Global Government Venturing.