Aevice Health, a Singapore-based medical technology company, has raised S$2.8 million ($2.1 million) from a pre-Series A funding round participated by Toho Holdings, Pureland Group Venture, Silicon Solutions Partners, AIP Ventures and SEEDS Capital of Enterprise Singapore.
WHY IT MATTERS
A spin-off from Nanyang Technological University, Aevice Health creates non-invasive wearable devices that enable the early detection of cardiopulmonary illnesses remotely and in real-time.
In a press statement, the company said proceeds from the financing round will be used to “further develop its proprietary technology and expand its remote respiratory monitoring solution into Japan to augment the country’s telehealth landscape”.
It has also entered into a strategic partnership with Tokyo-listed Toho Holdings to develop and market its flagship device AeviceMD, an AI-powered wearable stethoscope that allows the continuous and remote self-management of chronic respiratory diseases. The device is placed on the wearer’s chest where it listens to sounds in real-time to spot cardiopulmonary abnormalities, such as wheezing.
Toho Holdings is a wholesaler of medicine, medical tools and equipment that also operates over 700 pharmacies in Japan.
“The AeviceMD is a cutting-edge solution that provides patients with a continuum of comprehensive and personalised care remotely. We are thrilled to be partnering [with] Toho Holdings and to have the backing of our investors to position Aevice Health at the forefront of the telehealth industry in Japan,” Aevice Health CEO Adrian Ang said.
In 2019, long-term respiratory diseases, including lower respiratory tract infection, lung cancer and chronic obstructive pulmonary disease, were some of the leading causes of death in Japan, according to the Institute for Health Metrics and Evaluation. There is also concern over access to regular care for patients with chronic conditions residing in rural areas as more physicians move to urban places.
Not surprisingly, remote patient monitoring (RPM) solutions gained widespread support and became broadly applied during the COVID-19 pandemic. Solutions that also tracks respiratory health include Israeli firm Biobeat’s at-home version of its RPM platform and Tégo by Vitls.
Aside from RPM, there is also Google Health’s newest feature in its Google Fit mobile app that detects a user’s respiratory rate via a smartphone camera. In April, Israeli startup Donisi Health received the US FDA De Novo clearance for its Gili Pro BioSensor that can estimate breathing rates, among other health indicators.
Last year, Aevice Health signed a partnership deal with The Health Bank Global to brings its respiratory health solutions to the Middle East, North Africa and South Asia.
ON THE RECORD
“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,” Aevice Health’s Ang said.
“We are excited to partner with Aevice Health to support their breakthrough technology to bring positive impact to the future of telemedicine,” David Liebreich, chairman of KK eHealthcare, the digital health unit of Toho Holding, also said.