Singapore-based early cancer detection startup Endofotonics has raised US$12 million in a new round of funding, the company announced today.
The Series B funding round was led by health tech investors of Singapore Medical Group (SMG); Tony Tan Choon Keat, Chairman of SMG; and Dr Beng Teck Liang, CEO of SMG.
Endofotonics will use the funding to commercialise its early gastric cancer detection system within Asia and grow its cancer detection technology coverage to other organs. It also plans to launch its system in Europe in 2021.
Founded in 2013 with a 12-men core team, the company has since its inception developed the SPECTRA IMDx system which allows early detection of gastric cancer during endoscopy. The company claims that the “addressable market potential of the system is estimated to be more than US$5 billion”.
However, it is important to take note that development for health tech is not a cheap effort; therefore, companies taking on such business need a lot of capital for research.
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“Leveraging on Raman spectroscopy, we have developed a platform technology that can be applied to multiple organs, giving clinicians real-time information to make decisions then and there. Not only can this be applied to early cancer detection, but it can also be further developed to identify safety margins for dissections or resections,” said Peter Cheng, CEO of Endofotonics.
Endofotonics had previously raised Series A funding in 2016 from ZIG Ventures and SEEDS Capital, the investment arm of Enterprise Singapore.
The company is supported by its backer’s through access to global engagements with hospitals and enterprises in Europe and China.
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