Singapore-based medtech startup Endofotonics has secured S$12 million ($8.5 million) in a Series B funding round from executives of Singapore Medical Group (SMG), according to an announcement.
The fresh funding will be used to drive commercialisation of its early gastric cancer detection system in the Asia-Pacific, and to expand the coverage of its cancer detection technology to other organs.
Lead investors in the round include SMG chairman Tony Tan Choon Keat and CEO Dr Beng Teck Liang.
The company claims to have developed the world’s first real-time in-vivo Raman spectroscopy platform, which improves early gastric cancer detection rate.
Endofotonics had raised Series A funding from Zig Ventures and Enterprise Singapore’s investment arm Seeds Capital in 2016.
“In spite of the COVID-19 situation, Endofotonics has been able to secure significant funding from prominent local investors, due to their compelling proposition in advancing the early detection of gastric cancer. The investment round also validates the successful combination of cutting-edge medical and engineering research, driven by a strong team with core capabilities anchored here in Singapore,” said Seeds Capital chairman and Enterprise Singapore deputy CEO Ted Tan.
Incorporated in 2005, SMG is a publicly listed organisation with a network of private specialist providers across diverse disciplines and complementary diagnostic imaging and health screening services. It has more than 30 clinics located in central Singapore and mature heartland estates. It also has a presence in Indonesia, Vietnam and Australia.