AWAK Technologies, a Singapore-based startup focused on dialysis using regeneration technology for end-stage kidney diseases, has raised US$40 million in an oversubscribed financing round.
Vickers Venture Partners, a life sciences- and deep-tech-focused VC firm, and a leading global medical products company, co-led the round.
Advanced MedTech and Enterprise Singapore’s investment arm SEEDS Capital also participated.
This deal brings AWAK’s total funds raised to date to over US$60 million.
The medtech startup will use the proceeds from this round to complete the pivotal clinical trial of its AWAK PD wearable dialysis device.
A portion of the funds will also go into strengthening R&D and preparing for manufacturing and commercialisation of the device.
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AWAK’s mission is to enhance the lives of dialysis patients and their caregivers using tech. Its wearable device incorporates a sorbent technology, which removes the uremic toxins from spent dialysate and reconstitutes used dialysis fluid into the fresh fluid in real-time.
Sorbent is a material that binds another substance or compound to it by a physical and/or chemical reaction. It allows the binding of an extremely thin layer of molecules to its surface by chemical bonds, ionic bonds and complexion.
This feature eliminates the current dependence on large volumes of dialysate, continuous water supply and costly water treatment in dialysis treatments.
AWAK PD is designed to provide six to eight hours’ tidal PD (TPD) therapy. A single therapy in a day along with a long dwell (if prescribed by the clinician) will provide the necessary clearance of uremic toxins, claims the company. The device is portable so it can be used not only at night-time but also during the day.
“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,” AWAK CEO Suresha Venkataraya said.
Jeffrey Chi, Vice Chairman, Vickers Venture Partners, commented: “AWAK’s technology is a breakthrough in the kidney dialysis space. While we expect this investment to perform well financially, we are also pleased that its technology will benefit millions of patients and alleviate the huge burden of end-stage kidney disease on global healthcare systems.”
Abel Ang, Chairman, AWAK, and Group Chief Executive, Advanced MedTech, said, “The global market for dialysis is US$80 billion. 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.”
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