Singapore medtech startup Endofotonics bags $8.5m Series B funding

Medical equipment in an operating theatre

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 IndonesiaVietnam and Australia. 

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.