SINGAPORE - Singapore-based medtech company Advent Access (Advent) has raised S$2.6 million in a pre-Series A financing round to advance the development and commercialisation of its patented av-Guardian technology.
The financing was led by Temasek-backed Accuron MedTech (Accuron), the largest medical device company in South-east Asia. The investment was made through the Med Tech Alliance, which comprises Accuron MedTech and former executive chairman of BioSensors Lu Yoh-Chie. The Med Tech Alliance is an accelerator appointed by Singapore's Spring Seeds Capital to enable the growth of startups in the local medtech industry.
Peh Ruey Feng, founder and chief executive of Advent Access, said: "Abel (Accuron MedTech's group chief executive) and the Accuron team bring deep experience in growing technologies from Asia, breadth in accessing international markets and financial depth in nurturing startups that will set us apart regionally and internationally. Advent Access is now well equipped to accelerate the development of av-Guardian and tackle some of the most pressing needs in end-stage renal disease." Advent is a spin-off from the Agency for Science, Technology and Research (A*Star).
Vascular access is necessary for patients undergoing dialysis, but if the dialysis needles are not well placed, complications can arise. It is the most common cause of hospitalisation in patients suffering end-stage renal disease, which affects the cost of the treatment and the patient's quality of life. Advent Access has developed av-Guardian, a device-guided needling platform, helping to give access to the arteriovenous fistula (AV fistula) commonly used for dialysis.
Abel Ang, group chief executive of Accuron MedTech, added: "We are excited to lead the pre-Series A investment in Advent Access given the company's strong progress and potential to transform and optimise how care is provided to patients in the S$100 billion global dialysis market. As South-east Asia's largest medical device company, this investment reflects our continued belief in Asia's vibrancy as a hub for disruptive healthcare technologies to develop and thrive." Accuron MedTech is an independent division of Accuron Technologies, which in turn is a wholly owned subsidiary of Temasek Holdings.
The funds raised will be used to complete an ongoing clinical trial as well as to advance av-Guardian towards a filing for CE mark certification within the next 18 months, a key step in making the device available worldwide.