Awak Technologies raises USD 20M in Series B funding

AWAK Technologies (AWAK), a Singapore-based medical technology company, has raised more than $20 million in a Series B funding round co-led by Lion X Ventures and Vickers Venture Partners.

Other investors, including Advanced MedTech and Eckuity Capital, a US-based healthcare venture capital fund, also participated in the funding round.

This not only marks the most significant medtech fundraising event in Singapore in 2023 but also one of the largest in Southeast Asia this year.

The proceeds will help AWAK complete its ongoing human pre-pivotal clinical trials, further enhance its products and portfolio, and get closer to a US-based pivotal trial before launching in the US market.

AWAK is headquartered in Singapore with offices in California, USA, and Bengaluru, India.

AWAK PD offers patients the freedom to undergo dialysis at home as well as anywhere on the go, overcoming the challenge of long hours of stationary therapy and connection to large-size dialysis machines in hospitals and clinics, a challenge currently faced by patients who need dialysis.

In 2019, AWAK Technologies raised $40 million in an oversubscribed financing round co-led by new investors Vickers Venture Partners.

“AWAK has demonstrated exceptional progress in its goal to disrupt the $90-billion global dialysis market. The size of this series B round and valuation step-up, despite challenging market conditions, brings AWAK one step closer to transforming the lives of kidney dialysis patients with its revolutionary portable dialysis device,” said Abel Ang, Chairman of AWAK Technologies and Group Chief Executive Officer of Advanced MedTech.

“We are excited to continue supporting deeptech companies like AWAK, as they are making tremendous progress towards bringing life-changing products and solutions to kidney patients,” said Mhamed Mengad, board member of AWAK Technologies and Vice President of Vickers Venture Partners.

Temasek Holdings was reported to be exploring the sale of Advanced MedTech after the medical devices firm, fully owned by the Singaporean state investor, received interest from suitors including buyout funds.

Two investment banks have been tapped to launch a sale process for the Singapore-headquartered firm, which could be valued at roughly $1 billion, Reuters reported. DealStreetAsia