Singapore-based medical technology firm Awak Technologies has secured over $20 million in Series B funding, making it one of Singapore’s most significant MedTech fundraising events this year. The funding round was spearheaded by Lion X Ventures and Vickers Venture Partners, with participation from Advanced MedTech and Eckuity Capital.
Headed by CEO Suresha Venkataraya, Awak Technologies focuses on patient-centered healthcare solutions. Its flagship product, Awak PD, is a wearable and ultra-portable peritoneal dialysis (PD) system designed to empower individuals with end-stage renal disease.
The technology grants patients the freedom to undergo dialysis treatments in the comfort of their homes or while on the move, alleviating the need for long hours of stationary therapy and connections to large dialysis machines in clinical settings.
Awak’s approach involves regenerating and reconstituting waste dialysis fluid into fresh, usable fluid, reducing the volume of dialysis fluid required by up to 90 percent. This achievement also enables the miniaturization of the dialysis machine to a size that can be conveniently carried in a small bag. As a result, patients experience an enhanced quality of life, benefiting from the convenience and flexibility of Awak’s dialysis technology.
Awak Technologies has strategic plans for the recently acquired funds. The company’s immediate priorities include completing an ongoing human pre-pivotal clinical trial in collaboration with Singapore General Hospital.
The company aims to refine its ultra-portable peritoneal dialysis (PD) device, gearing it up for the impending final pivotal trial in the United States, scheduled for 2025. The funds will play a crucial role in facilitating these developments.
Additionally, Awak intends to leverage the investment to diversify its product portfolio, focusing on creating complementary items tailored for home dialysis.
Furthermore, the company has plans to integrate digital solutions that will elevate home-based care for individuals grappling with chronic kidney diseases, thus promoting their overall well-being.
Awak Technologies has introduced dialysis technology that centers around regeneration, significantly reducing the quantity of dialysis fluid required—up to 90 percent less. The company has successfully miniaturized conventional, bulky dialysis machines, creating a wearable peritoneal dialysis (PD) device that can be conveniently used at home and on the go.
In October 2018, the company concluded its first-in-human study with no recorded severe adverse events, showcasing the safety and efficacy of the technology. In December 2019, Awak Technologies secured $40 million in an oversubscribed financing round, allocating these funds for advancing late-stage clinical studies and expediting the commercialization of the device.