Awak Technologies, a leading innovator in the medical technologies industry, has secured a whopping USD$20M in their latest Series B Funding round.
The funding round has undoubtedly bolstered Awak’s position in the market and bolstered their growth avenues.
Awak Technologies has made waves in the field of portable dialysis. They are shaking things up, offering dialysis patients a fresh wave of hope and convenience through their technologies.
Awak has made headway with their ground-breaking platform for kidney dialysis. Their focus is unerring. To transform the lives of End Stage Renal Disease (ESRD) patients worldwide, by making dialysis more accessible and convenient.
So, this formidable fundraising effort will only fortify Awak’s ability to deliver on its promise.
This Series B funding will be utilised in several key areas:
- Product Development: Primarily, the funds will be channelled into further refinement of their portable dialysis machines and improving the patient experience.
- Market Expansion: Secondly, a significant portion will be reserved to explore new markets, especially in regions with a high prevalence of kidney diseases.
- Clinical Studies: Lastly, a substantial chunk of these funds will be directed towards producing more clinical evidence through research and studies to establish the efficacy of Awak’s products.
Effectively, this funding boost will etch Awak’s name in stone as a pioneer in renal care technology.
Now let’s go into the detail….
Awak Technologies, a Singapore-based medical technology company, has recently raised over USD$20 million in Series B funding.
The company is focused on dialysis using regeneration technology for end-stage renal disease, and this funding round marks one of the most substantial MedTech fundraising events in Singapore in 2023. It is also one of the biggest fundraising series in Southeast Asia this year.
The funding round was led by Lion X Ventures, Eckuity Capital, and Vickers Venture Partners, with participation from other venture capital firms.
The funds will be used to complete the ongoing human pre-pivotal clinical trial with Singapore General Hospital and make essential preparations to bring the company’s wearable dialysis machine closer to the market. With the COVID-19 pandemic highlighting the need for digital solutions in the healthcare sector, Awak Technologies is well-positioned to provide innovative solutions to healthcare providers.
The company’s board members, including Abel Ang, Chairman of AWAK Technologies and Group Chief Executive Officer of Advanced MedTech, Irene Guo, Co-CEO, and Suresha Venkataraya, Vice President, are confident that the funding will help the company transform the lives of kidney dialysis patients with its deep tech solutions.
Awak Technologies Raises Over USD$20M in Series B Funding
Singapore-based medical technology company, Awak Technologies, has raised over USD$20M in Series B funding. The funding round was led by Lion X Ventures and Vickers Venture Partners, with participation from Advanced MedTech and Eckuity Capital.
The company intends to use the funds to complete the ongoing human pre-pivotal clinical trial, further enhance the products and portfolio, and get closer to a US-based pivotal trial before launching in the US market.
Awak Technologies is a patient-centric medical technology company that develops ultra-portable peritoneal dialysis systems.
Its patented technologies enable the miniaturisation of the dialysis machine to fit into a small carry bag and regenerate and reconstitute waste dialysis fluid into usable fluid, reducing the amount of dialysis fluid needed by up to 90%. This breakthrough technology allows kidney disease patients to undergo dialysis at home as well as anywhere on the go, providing convenience and improving their quality-of-life.
The company’s peritoneal dialysis system is designed to be wearable, and the company is working on a portable dialysis device that will be even more patient-centric.
Awak Technologies is also planning to conduct a US-based pivotal trial to test the efficacy of its wearable dialysis device. The company’s innovative sorbent-based regeneration technology has the potential to transform the global dialysis market by providing a portable, patient-centric, and cost-effective alternative to traditional dialysis.
Awak Technologies’ breakthroughs in miniaturization, wearable technology, and sorbent-based regeneration technology have the potential to revolutionize the way chronic kidney disease patients undergo dialysis.
The company’s product offerings are expected to improve the patient’s quality-of-life, productivity, and dignity.
With the successful fundraising, Awak Technologies is well-positioned to continue its groundbreaking work and make a lifesaving impact on the lives of those suffering from kidney failure.
