Aevice Health, a Singapore-based startup developing novel wearables for remote respiratory monitoring, announced today it has secured S$2.8 million (US$2.1 million) pre-Series A funding.
Investors are Toho Holdings (Japan), and Pureland Group Venture, Silicon Solutions Partners, AIP Ventures, and SEEDS Capital (all Singapore).
The medtech venture will utilise the capital to further develop its proprietary technology and expand its remote respiratory monitoring solution into Japan.
“With the support of our investors and partners, we will continue to accelerate our global footprint, advance our remote patient monitoring pipeline, and develop new ways of enhancing workflows of hospitals, pharmaceutical companies, insurers, and health systems to re-envision the future of respiratory care,” CEO Adrian Ang said.
A spin-off from Nanyang Technological University, Aevice Health develops non-invasive wearable devices that enable early detection of cardiopulmonary abnormalities remotely and in real-time, so that patients can receive fast and targeted care from the ease of their homes.
Clinicians can also gain insights into their patients’ health and track their responses to treatment plans easily from the Aevice analytical platform.
The firm has developed a remote patient monitoring solution AeviceMD. It is a wearable smart stethoscope that complements tele-health services to facilitate self-management of chronic diseases.
Powered by Artificial Intelligence, it listens to the patient’s chest sounds remotely, continuously and in real time, and detects cardiopulmonary abnormalities (such as wheezing) that are typical of chronic respiratory diseases, so that patients can receive fast and targeted care on time from the comfort of their homes.
With its system packed into a miniaturised sensor, the device can be placed on the patient’s chest for hours of continuous monitoring.
Overtime, the AeviceMD can help healthcare providers to understand how treatments uniquely impact patient symptoms, enabling them to personalise treatment to optimise patient outcomes.
Partnership with Toho
As part of the deal, Aevice has entered into an agreement with its strategic investor Toho Holdings — a wholesaler of medicine, and medical tools and equipment with over 700 pharmacies across Japan — to develop and commercialise AeviceMD.
The collaboration will provide patients with chronic respiratory diseases in Japan with a tool to stay connected to their healthcare provider, anytime anywhere.
“The pandemic has accelerated the growth and adoption of telehealth, transforming the way patients interact with their healthcare providers. The AeviceMD is a cutting-edge solution that provides patients with a continuum of comprehensive and personalised care remotely,” said Ang.
Chronic respiratory diseases remain the top few leading causes of death in Japan. In 2019, lower respiratory tract infection, lung cancer, and COPD (chronic obstructive pulmonary disease) rank fourth, fifth, and ninth in top causes of total number of deaths in the year.
Many of these patients, particularly the elderly with higher co-morbidities, require regular check-ups and constantly monitoring. With the disparity in the number of physicians between urban and rural parts of Japan widening, many patients living in rural parts of the country may face difficulties accessing regular care for their chronic conditions.
“Aevice Health is a homegrown company providing a novel and relevant solution in today’s post-pandemic climate. It has the potential to help health systems deliver quality care to their patients from the comfort of their homes, and we are excited to support them in their journey in improving patient outcomes,” said Tan Kaixin, General Manager, SEEDS Capital.
Singapore hosts several smart wearable startups in the healthcare space. One of them is StretchSkin, which develops affordable wearables for different use cases in healthcare, gaming and smart clothing. Its products can be deformed into curvilinear shape to enable functionalities that are hard to achieve by traditional electronic devices.
AWAK Technologies is yet another local firm, which is focused on dialysis using regeneration technology for end-stage kidney diseases. In 2019, it raised US$40 million in an oversubscribed financing round.
Image Credit: Aevice Health
The post Aevice Health bags US$2M for its wearable smart stethoscope, expands to Japan appeared first on e27.