Hapbee Technologies, Inc. (TSX-V: HAPB) (OTCQB: HAPBF) (FSE: HA1) has surpassed 3 million hours of customer usage on its platform which it primarily credits to the launch of its Smart Sleep Pad product.
The Vancouver-based sleep technology company announced the milestone on Monday and currently has approximately 7,800 active members using its products and services.
Since its launch in mid-2020, the company has produced and delivered more than 12,000 Smart Sleep Pads and Neckbands. Starting with only six, Hapbee has now broadened its range to over 75 digital wellness routines.
By analyzing the patterns, Hapbee discovered that its users were predominantly utilizing the Smart Sleep Pad for Deep Sleep, Relax, and Long Flight, while the Neckband was primarily used for the Focus and Alert wellness routines. This highlights the “round the clock” utility of Hapbee, according to the company.
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Hapbee uses patented magnetic-field technology to assist individuals in enhancing their sleep, performance and moods.
The technology leverages ultra-low frequency electromagnetic signals that imitate compounds such as caffeine, nicotine, and melatonin, which are then digitally transmitted through Hapbee-powered devices like the Smart Sleep Pad and Neckband — providing the benefits without any resulting dependencies or side effects.
“Surpassing the 3-million-hour mark of cumulative signal play-time on the platform at the end of Q1 2023 is an important milestone for Hapbee as it allows us to continue to build upon a growing and stable base of customers who are adopting our technology,” said Yona Shtern, CEO of Hapbee.
In February this year, Hapbee partnered with Toronto’s LocoMobi World to develop an application that will help drivers stay awake while on the road. Hapbee also partnered with the Finnish sleep wearables company Oura in January to help provide users with optimized sleep data.
The Smart Sleep Pad can provide users with sleep recommendations based on data generated by the European company’s Oura Ring product.
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A market report from the United Kingdom-based market researcher Visiongain in early April indicated that the global sleep technology market would be expanding with a compound annual growth rate (CAGR) of 22.6 per cent between now and 2033. The market was valued at approximately US$16 billion in 2022, according to Visiongain.
Similarly, a market report from India’s Graphical Research in September last year estimated that the market would be worth US$17 billion by 2027.
Key industry players include FitBit — acquired by Google (Nasdaq: GOOGL), Koninklijke Philips N.V. (AMS: PHIA) Sleep Shepherd, Xiaomi, Oura Health, ResMed Inc. (NYSE: RMD) and Eight Sleep.
Hapbee’s stock stayed flat at $0.10 on the TSX Venture Exchange on Monday.
rowan@mugglehead.com
