Aevice Health, a leading provider of remote respiratory monitoring solutions for the healthcare continuum based in Singapore, announced that it has raised undisclosed funding from East Ventures, a pioneering and leading sector-agnostic venture capital firm focusing on Southeast Asia. The funding will be used to expand access to Aevice Health’s flagship solution, the AeviceMD Monitoring System, to millions of patients with chronic respiratory diseases in Southeast Asia.
It is estimated that over 7% of the population (or about 48.5 million) in Southeast Asia suffer from Chronic Respiratory Disease with asthma and COPD amongst the most common chronic respiratory diseases. In Indonesia itself, over 4.5% of the population (or 11.2 million people) suffer from asthma and 4.8 million suffer from COPD. Authorities have anticipated episodes of respiratory exacerbations to worsen during periods of haze or forest fires.
“Chronic respiratory disease represents a significant untapped opportunity in the Southeast Asian market. Backed by East Ventures’s unwavering support and extensive network, we are poised to bring a transformative solution to address this pressing need in the region,” said Adrian Ang, Chief Executive Officer of Aevice Health.
Aevice Health was founded in 2018 by Adrian Ang, Dr. Rex Tan, and Dr. Ser Wee. The company develops innovative solutions like the AeviceMD Monitoring System which provides a comprehensive patient management platform targeted towards chronic respiratory disease management. Leveraging cutting-edge proprietary algorithms, the AeviceMD Monitoring System continuously monitors biomarkers of interest acquired by its smart wearable stethoscope. Patients, who are at risk of exacerbations, can be identified early to prevent readmissions or emergency department visits.
In recent times, numerous countries across Southeast Asia have embraced a proactive stance in combating chronic diseases. Notably, Indonesia has spearheaded pilot programs that equip early adopters with wearables to monitor their health and achieve better outcomes. The vision for the AeviceMD is to be as ubiquitous as the common clinical thermometer but with a focus on respiratory health. The company’s unwavering mission centers on positioning the platform as an affordable, easily accessible solution for patients of all ages, enabling seamless management of their respiratory conditions from the comfort of their homes.
“We are excited to welcome Aevice Health to East Ventures’ ecosystem. With their expertise and cutting-edge technology, we believe Aevice Health has the potential to reshape respiratory care globally. Together, we look forward to transforming healthcare and delivering personalized and effective care for patients worldwide,” said Willson Cuaca, Co-Founder and Managing Partner at East Ventures.
This exciting announcement follows closely on the heels of two significant milestones for AeviceMD. Just last week, the U.S. Food and Drug Administration (FDA) granted the solution clearance as a Class II medical device. Back in March, the Singapore Health Sciences Authority (HSA) granted the AeviceMD first-in-market approval. These approvals enable the company to market and provide its remote monitoring platform in these key markets. Aevice Health will work closely with East Ventures and its partners to bring its novel solution into Southeast Asia.