NovaResp Technologies – a provider of an AI-powered software platform to predict and prevent sleep apneas – raised $2 million in equity funding.
Concrete Ventures and Invest Nova Scotia led the investment round with participation from angel investors.
NovaResp plans to use the new funds to accelerate its product development, regulatory approval and other pre-commercialization efforts as it prepares for its 2024 entry into the North American market.
Sleep apnea is a disorder where breathing repeatedly stops and starts, affecting over 969 million individuals worldwide. “Early prediction of apnea events permits the use of lower air pressure for patient intervention, which in turn contributes to greater patient comfort. This can also lead to dramatic reductions in the size, power consumption and complexity of PAP machines,” said Hamed Hanafi, CEO of NovaResp.
With new funds, NovaResp will further build its sleep apnea monitoring system that can predict a sleep apnea episode and respond with appropriate pressure, ensuring that patients experience fewer apneas and breathing pauses per hour. The system may be installed on any continuous positive airway pressure device to collect user data for improved data analytics and individualized therapy.
Investors
“Sleep apnea is a serious condition that affects millions of individuals, causing a variety of health issues if left untreated. NovaResp’s innovative technology is a true example of how AI-enabled technology can improve patient outcomes and revolutionize healthcare, by providing personalized, comfortable and effective CPAP therapy,” said Patrick Hankinson, partner at Concrete Ventures.
Sleep tech startups
According to our database, virtual sleep care startups have raised more than $2 billion in funding to date. The latest funding rounds include: More recently, Nox Health, a provider of value-based sleep monitoring digital programs for self-insured employers and health plans, received a strategic growth investment from Vestar Capital Partners, a private equity firm. Acurable, a provider of wearable sleep apnea testing devices, raised $11 million in Series A funding led by Kibo Ventures with participation from Mundi Ventures, Comprador Holdings, and Kindred Capital.
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