AWAK Raises $20M in Series B

AWAK Technologies, a company focused on dialysis using regeneration tech for end-stage renal disease has raised $20 million in Series B funding. The round was co-led by Lion X Ventures and Vickers Venture Partners, both venture capital firms, with other key investors including Advanced MedTech, Eckuity Capital, a U.S.-based healthcare venture capital fund, and an investment office with multibillion dollar assets under management in the healthcare sector.
 
AWAK PD is a wearable, portable peritoneal dialysis (PD) system that allows patients to have dialysis at home and on the go, overcoming the challenge of long hours of stationary therapy and connecting to large dialysis machines in hospitals and clinics.
 
The company’s tech regenerates and reconstitutes waste dialysis fluid into fresh, usable fluid, reducing the amount of dialysis fluid needed by up to 90%. It also enables miniaturization of the dialysis machine to fit in a small carry bag.
 
AWAK said the new funds will be used to finish the ongoing human pre-pivotal clinical trial with Singapore General Hospital, and making essential enhancements to the PD device in anticipation of a U.S. pivotal trial expected to begin in 2025. The company also said it will drive development of complementary products for home dialysis and integrating digital solutions to improve home-based, chronic kidne disease care.
 
Suresha Venkataraya, CEO of AWAK Technologies told the press, “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. 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.”