RENAL company AWAK Technologies has raised US$40 million in an oversubscribed financing round co-led by Vickers Venture Partners and an unnamed global medical products company.
Other investors include Enterprise Singapore’s investment arm Seeds Capital and Advanced MedTech.
The homegrown medical technology (medtech) firm will use the funds to ready its AWAK peritoneal dialysis device (AWAK PD) for late-stage clinical studies and push ahead with commercialisation.
The device's first-in-human study was completed in October 2018. Results showed no serious adverse events after treatment and that the device was effective at removing waste substances from the blood.
It was granted breakthrough device designation by the US Food and Drug Administration (FDA), a designation given to expedite the development and review of disruptive technologies. AWAK also has a US office in California.
AWAK has raised more than US$60 million since its inception, inclusive of the latest funding round.
Suresha Venkataraya, chief executive officer of AWAK Technologies, said: "Currently, around three million people are undergoing dialysis treatment and forced to adapt their lifestyle to the therapy. AWAK PD aims to provide dialysis on-the-go with maximum convenience and comfort, reducing the time and cost burdens of dialysis for patients and healthcare systems alike.
"We are delighted to have attracted highly reputed investors at this important stage of AWAK’s development and look forward to their guidance and expertise as we seek to revolutionise dialysis therapy."