Singapore-based vascular access dev Advent Access has raised $1.9 million (SGD $2.6 million) in a pre-Series A financing round to support its av-Guardian technology designed to create vascular access for dialysis patients.
The funding round was led by Accuron MedTech, which the company touted as the largest medical device company in southeast Asia. The investment went through Singapore’s Spring Seeds Capital-assigned accelerator the Med Tech Alliance, Advent Access said.
“We are excited to lead the pre-Series A investment in Advent Access given the company’s strong progress and potential to transform and optimize how care is provided to patients in the S$100 billion global dialysis market. As Southeast 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. Our investment in Advent Access is Accuron MedTech’s tenth transaction in building a strong portfolio of the most promising innovations which can make a significant difference to healthcare outcomes in Asia and around the world,” Accuron MedTech group chief exec Abel Ang said in prepared remarks.
“We are excited to have Temasek-backed Accuron MedTech onboard. Abel 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. Working closely with Accuron, we look forward to unlocking the future of independent dialysis,” Advent Access CEO Peh Ruey Feng said in a press release.
The company’s av-Guardian is a device-guided needling platform featuring the company’s “guardian guide-door” technology for accessing arteriovenous fistulas, which it claims can reduce wear and tear on the dialysis patient’s veins.
Funds from the round will go towards the filing of CE Mark registration in the European Union, which the company said it hopes to submit within the next 18 months.
Advent Access said that a recent clinical trial of the device showed that it was safe and achieved appropriate clinical performance. The company said it plans to publish full results from the study early next year, with a second clinical study already underway.