At the beginning of the week Sleep Data, a California-based company best known for its positive airway pressure (PAP) system, announced that it raised $6 million in growth funding for its virtual care platform BetterNight. The investment comes from HCAP Partners, a debt and private equity firm, based in California.
WHAT THEY DO
BetterNight is a digital tool catered to people with sleep apnea, insomnia, anxiety, jet lag, stress and other sleep conditions. Users are able to access telemedicine and remote patient monitoring through the platform. The platform prompts users to fill out a survey about their sleep. It also includes a cognitive behavioral therapy tool for customers. The tool then gives the customer a report and action plan for their sleep.
WHAT IT’S FOR
The new cash will be put towards testing and commercializing the product.
“We have seen rapid consumer acceptance and adoption of telehealth, in-home testing, and remote patient monitoring,” Sleep Data CEO Dave French said in a statement. “Today's announcement — and the incredible support of our partners at HCAP — will accelerate the commercialization of our virtual platform which helps participants quickly receive the care they deserve. Our solutions increase access to much-needed care and are delivered at lower unit costs while achieving superior outcomes. We are excited to continue to rapidly deploy nationwide based upon our recent regional successes in states including Arkansas, Illinois, Nebraska and California."
MARKET SNAPSHOT
Sleep is hot in the digital space with larger names like Fitbit and Philips, to brand new startups hoping to join in.
Just last month Philips unveiled a new system called NightBalance, which was designed to help with sleep apnea relies on a soft wearable device that is worn across the user’s chest when they go to sleep, as an alternative to the traditional CPAP mask. It also includes a companion app.
Wearable technology has been one popular way of remotely monitoring sleep. Although Apple is still yet to jump on this train, Fitbit has been active in the space. In fact, after inking a deal with the Singaporean government on a public health initiative, the wearable giant shared insights on the country’s overall sleep (finding it the third most sleep deprived country in the world).
ON THE RECORD
"Sleep disorders are highly prevalent, underdiagnosed, and have a high negative impact on overall health and healthcare costs," Dominic Munafo, Sleep Data's chief medical officer, said in a statement. "Individuals with untreated sleep apnea had inpatient costs 82% higher than treated patients. Apnea is causal for hypertension and associated with conditions like coronary artery disease, stroke, obesity and Type 2 diabetes."
