Sheffield SleepTech startup raises £1.4m to enter US market
SleepTech start-up SleepCogni has raised £1.4m to scale the business to commercialise into the US market, with the potential to help over 70m insomnia sufferers.
SleepCogni has developed treatment for insomnia that allows users to control their wind down process using a unique handheld medical device and platform.
In their recent clinical trial, SleepCogni’s device and therapy significantly reduced insomnia complaints compared to a placebo - users improved from Clinical Insomnia to Non-Clinical Insomnia within just seven days.
Through a combination of debt and equity funding, SleepCogni exceeded their £1.1m fundraising target - bringing their total investment to £3.2m and company valuation to £7.3m.
Colin Greene, former Apple executive, said; “My north star is who I work with, and the level of enthusiasm, passion and desire to do great things at SleepCogni is outstanding. SleepCogni is a great example of hardware and software working together to have a truly life changing impact on patients.”
Andrew Morfey, former finance director at AXA Health-On-Line, said: “SleepCogni is delivering a real, clinically viable, intervention to an extremely debilitating condition that affects millions worldwide.”
CEO Richard Mills said: “The two key milestones reached, the clinical trial results which have shown a significant improvement for chronic insomnia sufferers and FDA registration in the US, positioned us very well to achieve this fundraise.
“I am very thankful for the continued support from our existing investors and thrilled to announce a whole new list of new investors led by Chasnay Capital Partners who not only offer investment but provide ability and experience to achieve global scale.”
Chairman, Richard di Benedetto said: “This investment will provide us with real life testing with sleep clinics in the US and UK, positioning us for first revenues and a larger fund raise in 2022-2023. We hope that over the next 12 months, we will expedite our business plan to meet the huge global demand for clinically proven therapies.”
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