Medtech startup Endofotonics raises S$12m in Series B round

CANCER diagnostic company Endofotonics on Friday said it has raised S$12 million in a Series B round led by executives from Singapore Medical Group.

The additional funding will be used to drive commercialisation of its early gastric cancer detection system in the Asia-Pacific, and to expand the coverage of its cancer detection technology to other organs.

Founded in 2013, Endofotonics has developed a system called Spectra IMDx, which enables real-time detection of early gastric cancer during endoscopy. The team uses Raman spectroscopy, an analytical technique where scattered light is used to measure the vibrational energy modes of a sample, which is miniaturised and embedded within an optical probe such that it can fit through an endoscope.

The system also uses artificial intelligence to help doctors identify early-stage cancer lesions by analysing molecular changes that typically occur beyond the stomach lining, which may not be easily detected visually.

Endofotonics is aiming to launch its Spectra IMDx system in Europe and selected countries in Asia in 2021. The addressable market potential of the system is estimated to be more than US$5 billion, it said.

"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, it can be further developed to identify safety margins for dissections or resections," said Peter Cheng, Endofotonics' chief executive.

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"Endofotonics' Spectra IMDx is the leading Raman cancer diagnostic tool for gastric cancer wholly conceived and created in Singapore. We are pleased to be part of this exciting journey to further develop and bring to market this innovative technology to the rest of the world," said Beng Teck Liang, chief executive and executive director of SMG, and one of the lead investors in this round.