Singapore-based kidney dialysis system developer Awak Technologies secured $40m in financing on Friday from investors including medical device maker Advanced MedTech Holdings.
Venture capital firm Vickers Venture Partners led the round, which also featured unnamed new investors, the Singapore government-owned Seeds Capital and undisclosed other existing backers.
Founded in 2007, Awak has developed a portable peritoneal dialysis (PD) device that can be worn by end-stage kidney disease patients while receiving dialysis treatment, potentially for up to eight hours at a time.
The product has been granted breakthrough device designation by the US Food and Drug Administration following a successful first in-human test, and the company intends to launch a pivotal study of the system in the next 18 months.
Awak chairman Abel Ang is also chief executive of Advanced MedTech. He said, “The global market for dialysis is $80bn.
“Awak’s PD device holds the potential to categorically disrupt the dialysis industry by reducing the complexity of care for people with end-stage kidney disease and give them their life back. We are proud to have this company within our portfolio and continue to support the team in their efforts to change dialysis forever.”
The company said it has now raised more than $60m altogether, including $11.2m in a 2016 round led by Accuron MedTech, which rebranded to Advanced MedTech earlier this year, and backed by existing investors including medical technology producer Baxter Healthcare and TP Innovation Holdings.
Image courtesy of Awak Technologies.
