Singapore-based medtech startup Advent Access today announced that it has raised a US$1.9 million (S$2.6 million) in pre-Series A funding round led by Temasek-backed medical device company Accuron MedTech.
The investment was made through Med Tech Alliance, an accelerator programme appointed by SPRING SEEDS Capital to facilitate local medtech startups.
Advent Access plans to use the new funding to support development and commercialisation of its patented av-Guardian technology.
According to a press statement, the product is a “device-guided needling platform that engineers a high-quality tissue track to enable reliable and less-painful vascular access to the arteriovenous fistula (AV fistula) commonly used by dialysis patients.”
Claiming to be the world’s first medical device to pioneer the concept of “guardian guide-door” to the AV fistula that is non-invasive to the vessel, the technology is said to “significantly” reduce wear and tear on dialysis patient’s vein. It can eventually result in a reduction of hospitalisation and surgery.
The product has completed clinical study in Singapore General Hospital and National University Hospital, and is initiating global trial with New Zealand as its first destination. The full study results are set to be published in early 2018.
Advent Access is also going to file for a CE mark registration “within the next 18 months.”
“Abel [Ang, Group Chief executive of Accuron MedTech] 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 Access Founder and CEO Peh Ruey Feng commented on the investment.
Advent Access itself is a spin-off from the Agency for Science, Technology and Research (A*STAR). It has been working with A*STAR’s commercialisation arm ETPL in technology productisation and clinical validation.
The av-Guardian device is the startup’s first product.