Singapore-based AWAK bags $40m to bring wearable dialysis device to market

Singapore healthtech firm Automated Wearable Artificial Kidney (AWAK) Technologies has raised US$40 million in an oversubscribed funding round to bankroll the late-stage development of its technology.

The AWAK Peritoneal Dialysis device / Photo credit: AWAK

The round was co-led by new investors Vickers Venture Partners, a VC firm focused on life sciences and deep tech, and an undisclosed global medical products company. Shares were also subscribed by other new investors as well as existing investors such as Advanced MedTech and Enterprise Singapore’s Seeds Capital, according to a statement.

Founded in 2007, AWAK focuses on medical technologies using regeneration technology for end-stage kidney disease. It will use the new funds to complete the late-stage clinical studies and trials of its wearable and portable AWAK Peritoneal Dialysis (AWAK PD) device. It also plans to ramp up research and development and prepare for the manufacturing and commercialization of the device.

AWAK PD uses sorbent technology to remove toxins from spent dialysate, or dialysis fluid, and reconstitute that used fluid into a fresh one in real time. With this feature, users will not have to depend on large volumes of dialysate, continuous water supply, and costly water treatment. The device weighs only a couple of kilograms and will not need medical supervision to administer, the company said.

“Currently, around 3 million people are undergoing dialysis treatment and forced to adapt their lifestyle to the therapy. AWAK PD aims to provide dialysis on the go with maximum convenience and comfort, reducing the time and cost burdens of dialysis for patients and healthcare systems alike,” said AWAK CEO Suresha Venkataraya.

AWAK PD’s first in-human study was completed late last year, with results revealing no serious adverse events after treatment, the company said.

The company is now expecting to initiate a pivotal study of AWAK PD in the next 12 to 18 months and is currently working with global regulatory bodies.

AWAK is headquartered in Singapore, with an office in the US. Since its inception, the company has raised more than US$60 million in funding, including the latest financing round.