AWAK raises $27.1m Series B funding
This is the year’s most substantial MedTech fundraising event in the region.
MedTech firm, AWAK Technologies, secured more than $27.1m (US$20m) in Series B funding, which was co-led by Lion X Ventures and Vickers Venture Partners.
Other key investors in the firm are “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, allows patients to undergo dialysis at home and anywhere on the go. This addresses 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%, but also enable the miniaturisation of the dialysis machine to fit into a small carry bag.
The new funding will be used for “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.”