Awak Technologies Raises $20M in Series B Funding
Proceeds expected to help company drive several initiatives, including enhancements to its ultraportable peritoneal dialysis system.
Awak Technologies, a medical technology company focused on dialysis using regeneration technology for end-stage renal disease, revealed the results of its Series B funding, generating a total of $20 million. The organization intends to use the proceeds on multiple projects, including the completion of its ongoing human pre-pivotal clinical trial with Singapore General Hospital, making essential enhancements to the ultraportable peritoneal dialysis (PD) device in anticipation of a final pivotal trial in the US that is expected to commence in 2025, and develop new products that promote home dialysis and integrate digital solutions to improve the home-based care of chronic kidney disease patients.
According to the company, Awak PD is a wearable system that provides patients with the ability to undergo dialysis remotely.
"We are delighted to welcome new investors, as well as our existing investors, who believe in our mission to disrupt the kidney care industry by investing in our Series B round, even amidst challenging market conditions,” said Suresha Venkataraya, CEO, Awak Technologies, in a company press release. “The significant investment in this round, at a higher valuation than our Series A, is a testament to the remarkable progress we've made with our ultraportable device and strategic portfolio expansion. This investment now propels us towards new and exciting milestones, including further development of our PD product, and an upcoming pivotal clinical trial in the US. On behalf of our dedicated team and board, I extend my heartfelt gratitude to all our investors who share our unwavering commitment to revolutionizing kidney care."
Reference: AWAK TECHNOLOGIES RAISES US$20+ MILLION, READYING ITS WEARABLE DIALYSIS DEVICE FOR US-BASED PIVOTAL TRIAL. PR Newswire. September 13, 2023. Accessed September 13, 2023. https://www.prnewswire.com/news-releases/awak-technologies-raises-us20-million-readying-its-wearable-dialysis-device-for-us-based-pivotal-trial-301926353.html
