SleepCogni, a Sheffield, UK-based SleepTech startup, raised £1.4m ($2m) in debt and equity funding.
The round, which brought the company valuation to £7.3m ($10m), was led by Chasnay Capital Partners, existing investors and retail investors, with a loan received from Innovate UK.
The company intends to use the funds to scale the business to commercialize into the US market, preparing the medical device for volume manufacturing, development of the clinician and patient led online platform and achieving first sales.
SleepCogni has developed a treatment for insomnia that allows users to control their wind down process using a handheld medical device and platform. In their recent clinical trial, the device and therapy reduced insomnia complaints compared to a placebo – users improved from Clinical Insomnia to Non-Clinical Insomnia within just 7 days.
Along with this raise, SleepCogni has strengthened the executive team with Colin Greene, a former Apple executive for almost 15 years leading Apple’s US consumer business to multibillion revenues, and Andrew Morfey, a former Finance Director at AXA Health-On-Line who subsequently led AXA Health’s development of their £10m well-being platform.