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SINGAPORE-BASED digital health company Aevice Health has secured US$7 million in a seed plus round to expand its operations in the US, Japan and Singapore.
The company develops wearables that can help remotely monitor patients with respiratory conditions. It has also developed a platform – which features the world’s smallest smart wearable stethoscope – that tracks patients’ respiratory rate, heart rate and wheezing to assess lung health.
It said on Monday (Aug 12) that fresh funds will be used to enhance product development, with the aim of making the company’s solutions “as ubiquitous as the thermometer for home management of chronic respiratory disease”.
The round was led by Coronet Ventures, the Singapore-based venture unit of Cedars-Sinai Intellectual Property. Other participants in the round included East Ventures and Seeds Capital, the corporate investment arm of Enterprise Singapore.
This comes after the startup obtained approvals for AeviceMD – the smart wearable stethoscope – in the US and Singapore, and set up a partnership with Japanese medical equipment manufacturer A&D.
“They have an excellent team, and their established pathways into the US healthcare and distribution networks place them on the right track to grow the company fast,” Dr Nirdesh Gupta, chief executive officer of Coronet Ventures, said of Aevice Health.
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Adrian Ang, chief executive officer of Aevice Health, noted that there are few solutions that address patient needs, even as chronic respiratory disease remains a leading cause of death.
About four million people around the world die due to chronic respiratory disease, the World Health Organisation’s website showed.
“Aevice Health has developed one of the first remote patient monitors designed for chronic respiratory disease patients available in the market,” Ang added.
Founded in 2018, the medtech startup is a spin-off from the Nanyang Technological University. In 2021, the company raised S$2.8 million in its pre-Series A funding round.
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