Singapore-based crowdfunding platform FundedHere has raised S$516,000 for local startup AEvice Health in an oversubscribed 30-day campaign that exceeded its original S$450,000 target. The campaign was funded by 11 investors – nine accredited investors, one professional investor and one institutional investor – registered on FundedHere’s platform. Lead investor Kelvin Chan contributed S$200,200.
“My fellow investors and I are proud to have participated in FundedHere’s latest campaign,” shared Lead investor Kelvin Chan. “We are very impressed by the scientific achievements of the AEvice team, and are confident that our investments will contribute to significant advancements in the diagnosis and treatment of asthma.”
[clickToTweet tweet=”.@fundedhere #aevice #crowdfunding update @crowdfundinside @fintechinsider_ #medtech #asthma” quote=’Our solution offers data-driven testing which will enable earlier medical intervention, significant cost savings and improved quality of life for patients,’ noted AEvice Co-Founder and CEO Adrian Ang.”]
Founded in 2016 as a Nanyang Technology University spin-off, AEvice has developed a wearable device and companion mobile app to help detect early signs of an asthma attack. When placed on a child’s chest, the device detects and monitors symptoms such as wheezing and excessive coughing. It then alerts caregivers and uploads the data to the cloud for doctors to use when designing treatment programs. Asthma is one of the most common chronic childhood diseases and affects 334 million people worldwide.
“Current methods of asthma diagnosis lack standardisation and rely mainly on patients’ oral accounts. Our solution offers data-driven testing which will enable earlier medical intervention, significant cost savings and improved quality of life for patients,” noted AEvice Co-Founder and CEO Adrian Ang. “We are both humbled and encouraged by the overwhelmingly positive response from the investor community at FundedHere. Their support has underscored the importance of our cause and shows validation of our product and business model.”
The device – which is slated for a 2019 launch and estimated to be priced at US$199 per unit – was patented in Singapore and filed in the U.S. by NTU Associate Professor Ser Wee, AEvice’s Co-Founder. It has achieved 85% accuracy in pre-clinical trials with 29 patients. The company has won multiple startup competitions in Finland, the Middle East and Singapore, and has secured grants from organisations such as SPRING Singapore. AEvice Health has won competitions including as Slush Singapore 2016 and Channel NewsAsia Startup Season 4.
“The high level of engagement we witnessed during this campaign is a good sign for the growth of crowdfunding in Singapore and the enduring appeal of our platform. We congratulate AEvice on a successful campaign and look forward to introducing more businesses to our investors in the year ahead,” added FundedHere Co-Founder and Executive Director Daniel Lin.
Launched in March 2015, FundedHere, reportedly Singapore’s first equity and debt-based crowdfunding platform. In March 2016, it obtained its Capital Market Services License from the Monetary Authority of Singapore, permitting it to issue shares. Including AEvice, the platform has helped 17 companies raise S$6.7 million in funding to date.
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