Somnigroup International Inc (NYSE: SGI) (FRA: TPD) has strengthened its partnership with Fullpower-AI by investing US$25 million into the company and taking a 15.6 per cent stake.
The two have collaborated since 2019. Somnigroup’s subsidiary, Tempur Sealy, has put Fullpower-AI’s patented sleep monitoring tech into over 300,000 of its smartbeds. Since that time, it has collected over 250 million nights of sleep data.
“We are pleased to extend and deepen our partnership with Fullpower-AI,” said Tempur Sealy leader, Cliff Buster, in a press release on Aug. 7, “ensuring its industry-leading, advanced Sleeptracker-AI platform will be an integral part of the Tempur-Pedic product portfolio for years to come.”
The machine learning-powered Sleeptracker-AI system has over 135 patents. Furthermore, renowned schools such as Stanford Medicine and the University of California, San Francisco have validated its efficacy in clinical studies.
Sleeptracker-AI provides the user with sleep insights and well-being advice. It turns beds into intelligent wellness systems through the use of contactless sensors, as described by Fullpower, and helps to diagnose sleep disorders.
The system requires a processing unit that gets plugged in and a wi-fi connection. It monitors heart rate, breathing, movement, snoring, etc.
Image credit: Fullpower-AI
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Somnigroup’s investment comes with 10-year licensing agreement
Fullpower-AI founder and chief executive,
Over 40 people offered Kahn their congratulations for the milestone on social media. A decade-long continuation of the companies relationship is now set in stone.
Fullpower-AI is also known to have a long-standing partnership with Nike Inc (NYSE: NKE) (ETR: NKE). Details are scarce, but it has been ongoing for over a decade. Fullpower provides Nike with sensor technology for wearables and digital sports products, essentially.
Somnigroup is a leading influence in the bedding industry. In Q2, the company reported a 52.5 per cent year-over-year increase in net sales at US$1.88 billion. This success was largely attributable to its recent acquisition of Mattress Firm — the top specialty mattress retailer in the United States.
Last year, Tempur Sealy integrated Sleeptracker-AI into one of its ActiveBreeze temperature regulating mattresses for the first time.
The international bedding market currently has a valuation of approximately US$100 billion.
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