Sleep Treatments | Sleep Review
UK-based startup SleepCogni recently raised $ 1.4 million
SleepCogni’s insomnia therapy includes both a device and a platform for cognitive behavioral therapy for insomnia (CBT-I). The handheld device offers a personalized relaxation program in which haptic cues direct the attention span to reduce brooding and sleep exertion. In its most recent clinical study (not yet published), SleepCogni’s device and therapy significantly reduced insomnia symptoms compared to a placebo – users improved from clinical insomnia to non-clinical insomnia in 7 days.
Through a combination of debt and equity financing, SleepCogni exceeded its fundraising target of £ 1.1m, bringing the total investment to 3.2m. Investments in this round were made by new VC, Chasnay Capital Partners, existing investors of SleepCogni and private investors together with loan finance from the UK innovation agency Innovate UK.
The new investment will be used to scale the business towards commercialization. This includes the preparation of the medical product for series production, the development of the clinic and patient-led online platform and the realization of the first sales.
Along with this raise, SleepCogni has added executives Colin Greene and Andrew Morfey to its team.
Greene, a former Apple executive who led Apple’s US consumer business to multi-billion dollar sales for nearly 15 years, said in a press release, “My North Star is who I work with and the enthusiasm, the passion and the desire to do great things at SleepCogni is excellent. SleepCogni is a great example of how hardware and software work together to have a truly life-changing impact on patients. “
Morfey, a former finance director at AXA Health-On-Line who subsequently led the development of AXA Health’s £ 10 million health platform, said in a press release: “SleepCogni offers a real, clinically viable intervention for an extremely debilitating condition, the effects has millions worldwide. We all know someone who has trouble sleeping, and the implications for their health, performance, and relationships are very clear. The decisions to gain clinical credibility and to focus clearly on delivering one solution after the other in an agile manner are very important to me as a measure of success in this market. “
Richard Mills, CEO of SleepCogni, said in a press release, “The two most important milestones that have been reached, the clinical trial results that showed significant improvement for chronic sleep disorders, and the FDA approval in the US did us very well positioned to reach this fundraiser. I am very grateful for the continued support from our existing investors and am pleased to announce a whole new list of new investors, led by Chasnay Capital Partners, who not only offer investments, but also bring skills and experience to to achieve global size. “
SleepCogni Chairman Richard di Benedetto said in a press release, “This investment will enable us to conduct real world testing with sleep clinics in the US and UK and position us for initial revenue and greater fundraising in 2022-2023. We hope to accelerate our business plan over the next 12 months to meet the huge global demand for clinically proven therapies. Insomnia is a global epidemic and our unique patented therapy promises a new clinically proven solution. “