HoneyNaps secures $11.6 million
in series B funding, propelling its entry into the American medical
market.
BOSTON,
May 24,
2024 /PRNewswire/ -- HoneyNaps, an industry-leading
South Korean company in artificial intelligence (AI) sleep data
analysis, announced on the 7th that it has closed its series B
round of funding, securing $11.6 million.
The series B funding is a successful achievement,
nearly three times the $3.9 million raised through series A
funding back in 2021. With the listing contract signed with Korea
Investment & Securities Co., Ltd. in March 2024, the company is poised to become the
no. 1 listed company in Sleep Technology (Sleep-Tech) that features
an AI bio signal model.
In this round, many institutions participated as
new investors such as Korea Industrial Bank, Hi investment Partners
and QUAD Investment Management. Despite a freeze-up in venture
investment, this series B round achieved an early close due to
overbooking, driven by overwhelming participation from prestigious
domestic and foreign investors.
Founded in July
2015, HoneyNaps has amassed about $16.2 million
to date, starting with seed funding for about $0.7
million, secured through success-share-funding
from the Ministry of SMEs and Startups in 2019. This funding
marks the largest scale among recent financings secured by domestic
Sleep-Tech companies.
HoneyNaps obtained FDA approval for its AI sleep
diagnosis software SOMNUM in 2023, establishing partnerships with
major university hospitals across the U.S. through its Boston-based American branch. The domestic
sales growth coupled with the perceived potential for export to the
American medical market are cited as key drivers to the company's
success in funding.
SOMNUM is an algorithm that analyzes bio signal
data during sleep and provides disease diagnoses under five minutes
using its self-developed AI model. This AI diagnosis software is
integrable into any medical and healthcare market using real-time
large-scale bio signal.
In particular, the company invested nine years to
develop X.AI (eXplainable AI), a crucial component for the medical
field. They have also registered 16 original patents and published
SCIE-Level thesis, enhancing the technical value provided to its
clients.
HoneyNaps' CFO
states, "This successful funding amidst a challenging investment
climate has validated our position as Korea's leading Sleep-Tech
company", adding, "These resources will enable us to achieve
results in the domestic and American medical market and earn
recognition. Beyond the SOMNUM's current use in sleep disease
diagnosis, we plan to further advance the AI to expand its
application to other critical areas such as cardiovascular disease,
dementia, and Parkinson's disease".
For additional information, please contact:
HoneyNaps USA,
Inc.
Christine Kwon / Managing
Director
Email: sleep@honeynaps.com
Address: 6 Liberty SQ PMB 6202, Boston,
MA 02109
Website: www.honeynaps.com
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SOURCE HoneyNaps