California sleep data analytics company Sleep.ai has pulled US$5.5 million together in a fundraising from American venture capital firms. The news coincides with the company’s rebranding from its former name: SleepScore Labs.
Capital will be used to help the sleep technology creator boost its market reach through new and expanded commercial partnerships in various sectors. Insurance, health and wellness, smart home tech, etc.
Few specifics were provided in the announcement, which is typical for early-stage funding reveals like this.
Sleep.ai has one of the world’s most extensively studied sleep intelligence platforms. Over the past 10 years, it has collected more than 800 million hours of data. Furthermore, it has been the focus on over 90 science publications and peer-reviewed papers along with 250 + studies.
“This funding marks a pivotal moment where AI transforms health outcomes by transforming tens of billions of complex data points into actionable sleep intelligence,” boasted chief executive Colin Lawlor.
Lawlor’s company’s rebranding follows its acquisition of Sleep.ai in 2018, formerly based in the Netherlands. Through the deal, then SleepScore Labs obtained smartphone app technology that had been downloaded by over 250,000 users. It is utilized to treat snoring and bruxism (teeth grinding).
Seven years later, this sleep tech has become a core part of new Sleep.ai’s portfolio. Audio algorithms obtained through the 2018 acquisition have enabled more efficient AI-powered analysis of sleep disorders.
“Their unmatched dataset, scientific rigor, and proven ability to translate research into scalable, commercial solutions set them apart in a crowded AI market,” stated Robert Padulo, a Managing Partner at fundraising contributor Treasure Coast Ventures.
SleepScore Labs originated as a venture created by Resmed Inc (NYSE: RME) (FRA: RME), Dr. Mehmet Oz and Pegasus Capital Advisors in 2016. Sleep.ai’s SleepScore Max device still uses ResMed’s non-contact, radiofrequency-based sleep measurement tech.
It also harnesses a contactless sonar system to track sleep stages and breathing.
Sleep.ai is a strong indirect competitor with Eight Sleep: another sleep tech innovator that raised US$100 million last week.
SleepScore app. Image credit: Sleep.ai
Read more: Eight Sleep raises US$100M to propel its AI-integrated mattress technology
Read more: Luxury hotel in Singapore starts using ‘DeepSleep’ sound tech from NuCalm
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