Sleep Data and BetterNight have received a $6 million round of growth funding led by San Diego-based growth capital company HCAP Partners.
Sleep Data, which launched BetterNight in 2018 as a virtual care platform for sleep management, said that BetterNight will use the funding to fuel its market expansion. The product offers telehealth and remote patient monitoring for patients with sleep apnea along with a digital therapeutic solution for people who have insomnia.
“We have seen rapid consumer acceptance and adoption of telehealth, in-home testing, and remote patient monitoring,” Sleep Data CEO Dave French said in a statement. “Today’s announcement — and the incredible support of our partners at HCAP — will accelerate the commercialization of our virtual platform, which helps participants quickly receive the care they deserve.”
French added that BetterNight will continue to deploy nationwide based on recent expansions into states like Arkansas, Illinois, Nebraska and California.
Approximately 54 million adults in the U.S. suffer from sleep apnea, adding up to 18 percent of the population, according to statistics from the American Academy of Dental Sleep Medicine. Dominic Munafo, Sleep Data’s chief medical officer, noted that sleep disorders are highly prevalent and have a “high negative impact on overall health and healthcare costs.”
Tim Bubnack, the managing partner of HCAP Partners who led the firm’s investment with HCAP Principal Hope Mago, said that BetterNight has become a “category-defining company” in sleep care.
“The BetterNight team’s vision, rigorous clinical focus, and intelligent application of scalable technology across multiple platforms has raised the bar for what healthcare buyers, providers, and individuals should expect from modern sleep health solutions,” Bubnack said in a statement.
