HoneyNaps, a startup from South Korea that offers AI for the diagnosis of sleep disorders, has raised $11.6 million from a recent Series B funding round.
WHAT IT’S FOR
According to a press statement, its fresh funds will be used to cement its presence in the United States market. At present, the sleep technology sector there is valued at $9 billion. It is projected to grow to $39 billion by 2033, driven by the increasing awareness of sleep health and the integration of sleep technology devices into healthcare systems. HoneyNaps is already operating in the country from its Boston office.
Last year, HoneyNaps received the US Food and Drug Administration’s approval for its flagship offering, SOMNUM. The software uses AI to analyse bio-signal data that are culled during sleep and to provide disease diagnosis within five minutes.
In a recent statement, a HoneyNaps finance official revealed that they plan to expand the application of their AI to other medical conditions, “such as cardiovascular disease, dementia, and Parkinson’s disease.”
Since its founding in 2015, it has amassed $16.2 million in investment.
MARKET SNAPSHOT
In 2022, Australian company ResApp also received the US FDA’s 510(k) clearance for its mobile sleep apnoea screening application, SleepCheckRx. The prescription-only mobile software was an at-home test for adults at risk of moderate to severe obstructive sleep apnoea. The app is no longer marketed to the public following ResApp’s acquisition by Pfizer.
Last year, two Japanese companies, Four H and Aculys Pharma, started collaborating to use AI and other methods of analysis to gain a deeper understanding of sleep disorders, particularly narcolepsy and excessive daytime sleepiness associated with obstructive sleep apnoea. They also aim to identify digital biomarkers of such disorders.