SG’s AWAK Technologies raises $40m from Vickers Venture, others

Photo: Bloomberg

Singapore-headquartered medical technology company AWAK Technologies has raised $40 million in an oversubscribed financing round co-led by new investors Vickers Venture Partners, and an undisclosed global medical products company, according to an announcement.

The round also saw the participation of existing investors Advanced MedTech and Enterprise Singapore’s investment arm SEEDS Capital.

The investment, which brings the total amount of funding raised by the company to over $60 million, marks the largest medtech fundraise in Singapore and one of the largest in Southeast Asia.

The company will use the corpus to complete the pivotal clinical trial of the AWAK PD device, strengthen the company’s R&D, among others.

“AWAK’s technology is a breakthrough in the kidney dialysis space. Whilst 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,” said Jeffrey Chi, Vice Chairman, Vickers Venture Partners.

AWAK Technologies is dedicated to the research, development, and marketing of AWAK PD, a sorbent-based kidney dialysis machine that is used for the treatment of patients with end-stage kidney disease. The global market for dialysis currently stands at $80 billion.

Vickers Venture Partners is one of the leading venture capital firms focused on life sciences and deep tech, and a leading global medical products company.

In September, we reported that Vickers Venture Partners set to hit the first close of its $500 million sixth fund in the first week of October. Vickers’s $500-million sixth fund is one of Southeast Asia’s largest VC funds, targeting to invest in 30 to 50 companies in biotechnology, nanotechnology, and artificial intelligence.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.