Singapore-based medtech Aevice Health has received undisclosed funding from venture capitalist East Ventures for its expansion in Southeast Asia.
It also announced that its flagship product, the AeviceMD smart wearable stethoscope, has been granted a 510(k) clearance by the United States Food and Drug Administration.
AeviceMD is part of the AeviceMD Monitoring System, a patient management platform that collects and then analyzes lung sounds to detect signs of respiratory irritation.
WHY IT MATTERS
According to Aevice Health CEO Adrian Ang, chronic respiratory diseases in Southeast Asia represent a “significant untapped opportunity.” Over 7% of the population or about 48.5 million people have chronic respiratory diseases, including COPD and asthma. The company is looking to expand its solution across the region to help address this growing problem.
Meanwhile, the recent US FDA approval also enables the company to expand access to its respiratory care solution to over 41 million US patients with COPD and asthma. “With this approval, we take an important step toward becoming the equivalent of continuous glucose monitors for diabetes, but for respiratory health—a patient-centered, affordable, and accessible solution that empowers patients to achieve a healthy recovery from the comfort of their own homes,” Ang said.
THE LARGER CONTEXT
These successive announcements follow the Health Sciences Authority of Singapore’s approval of the AeviceMD Monitoring System in March.
Two years ago, the company raised approximately $2 million and secured a local partnership to expand the AeviceMD stethoscope in Japan.
Aevice Health is now working with Cedars-Sinai Medical Center to pilot its remote respiratory monitoring system. It also plans to get its lung sound analysis algorithm cleared by the US FDA “in the near future.”