Three former employees of the renowned audio equipment manufacturer Bose Corporation have established a start-up company in Massachusetts that is launching a line of sleep aid headphones this summer utilizing its technology.
Boston’s Ozlo Sleep announced its formation and the upcoming debut of its flagship Ozlo Sleepbuds headphones on Thursday, a device the company claims is the first and only of its kind that is clinically validated to help people get better rest.
The company completed a US$10 million funding round led by the medical research charity LifeArc Ventures and the financial firm ARTIS Ventures last fall. Two members of those organizations have joined Ozlo’s board of directors.
The company says it plans to develop other sleep technology in the future but is currently focused on the headphones. They are expected to be released by the end of this summer.
“Non-medical sleep aids are sustainable alternatives for everyday use and we plan to use this funding to make them better, and more accessible for people to elevate sleep as a catalyst for personal growth,” said Ozlo’s CEO N.B. Patil. He published a letter addressed to sleep on the company’s new website.
A recent report from the United Kingdom’s market researcher Visiongain indicated that the sleep technology market would be worth more than US$107 billion by 2033, ascending from its current value of approximately US$19.6 billion at a compound annual growth rate of 22.6 per cent.
Another report published last month by the French market analyst ReportLinker indicated that the market would be worth US$36 billion by 2027.
“With the global sleep tech market valued at more than $15 billion and expected to grow rapidly, we believe that Ozlo has the skills and expertise to build Ozlo Sleepbuds into a powerful global brand to help individuals achieve improved rest, health and wellbeing,” said Dr. Imran Hamid, Senior Investment Principal at LifeArc Ventures.
Other companies like Hapbee Technologies, Inc. (TSX-V: HAPB) (OTCQB: HAPBF) (FSE: HA1) have been developing innovative sleep technology in recent days.
Hapbee won an award last month for its sleep tech products helping to prevent suicide among the United States military community. The company’s shares rose by 21.43 per cent Thursday to trade at $0.085 on the TSX Venture Exchange.