The Singaporean company AWAK Technologies (AWAK), which specializes in dialysis for end-stage renal disease using regeneration technology, announced on Wednesday that it had successfully raised $20+ million in Series B funding.
The round was jointly led by venture capital firms Lion X Ventures and Vickers Venture Partners, according to a statement from AWAK.
Other significant investors in the round included Advanced MedTech, Eckuity Capital, a healthcare venture capital fund based in the United States, and an investment office with multibillion-dollar assets under management in the healthcare sector.
The new funds, according to the announcement, will be put to use for a number of important projects, such as finishing AWAK’s ongoing human pre-pivotal clinical trial with Singapore General Hospital and making critical improvements to the ultraportable PD device in preparation for a final pivotal trial in the United States, which is anticipated to start in 2025.
The development of new products will also be influenced by it, including ancillary products to support home dialysis and incorporate digital solutions to enhance patients’ at-home care for chronic kidney disease.
AWAK PD, a wearable and ultraportable peritoneal dialysis (PD) system, allows patients the freedom to receive dialysis at home as well as anywhere else they go, overcoming the difficulty of long periods of stationary therapy and connection to large-size dialysis machines in hospitals and clinics, a challenge currently faced by patients who need dialysis.
The patented technologies of AWAK enable the miniaturization of the dialysis machine to fit into a small carry bag, reducing the burden of therapy and improving the patient’s quality of life by giving them convenience and time. This results in a reduction of the amount of dialysis fluid required by up to 90%.
“The significant investment in this round, at a higher valuation than our Series A, is a testament to the remarkable progress we’ve made with our ultraportable device and strategic portfolio expansion,” said Suresha Venkataraya, Chief Executive Officer of AWAK Technologies.
Vickers Venture Partners Vice President and AWAK Technologies Board Member Mhamed Mengad expressed his company’s excitement to continue assisting deep tech businesses like AWAK as they make significant strides in providing kidney patients with life-altering goods and services.
