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.