Hapbee Technologies, Inc. (TSXV: HAPB) (OTCQB: HAPBF) (FSE: HA1) smart sleep pad is set to hit the shelves of one of the largest retail chains in the United States.
The sleeping technology announced its partnership with Target (NYSE: TGT) to sell its sleep aid device in the digital health department of 104 Target retail stores and via its online shop. The retailer is the sixth largest in the United States with sales of more than $106 billion.
Hapbee received the purchase order commitment and will start selling its devices in October.
“Partnering with Target, an industry innovator, to launch our Smart Sleep Pad in their retail stores and on their website represents an important milestone for our company,” said Yona Shtern, CEO of Hapbee.
“Target will broadly expand our reach and enable us to meet the sleep needs of a larger audience of wellness-focused customers. Sleep represents an obvious entry point for Hapbee, and this purchase order is an important next step in our long-term distribution and product strategy.”
In the first quarter of this year, Hapbee users recorded 1 million playback sessions for sleep and focus. Its digital wellness library uses its patented ultra-low radio frequency energy “ulRFE” .
Hapbees technology is based on delivering ultra-low frequency electro-magnetic “biostreams” that mimic caffeine, nicotine and melatonin which are delivered digitally through devices, such as the Smart Sleep Pad and Neckband.
The company recently received the Nexus Certification and was awarded for its effectiveness in suicide prevention among the military community.
Sleeping disorders have become more prevalent over the years, with a third of adults reporting they get less than the recommended amount, according to the Centers for Disease Control and Prevention.
In a June report by the research firm Visiongain, it was found that the global market for sleep technology is expected to grow from US$16 billion in 2022 to over US$107 billion by 2033.
The business intelligence company says the market will flourish with a 22.6 per cent compound annual growth rate (CAGR) during the forecast period.
Key players operating in the market include Beddit, owned by Apple Inc (NASDAQ: AAPL), Xiaomi, Sleep Country Canada Holdings (TSX: ZZZ), Compumedics Limited (ASX: CMP), Koninklijke Philips N.V. (AMS: PHIA), ResMed (NYSE: RMD), Nihon Koden (TYO: 6849) and Oura Health.