HoneyNaps, a leading South Korean company specializing in artificial intelligence (AI) sleep data analysis, has successfully raised $11.6 million in its Series B funding round. This achievement marks a significant milestone for HoneyNaps as it prepares to enter the American medical market.
Expansion into the American Market
The recent funding round, which concluded on May 24, 2024, saw participation from prominent institutions such as Korea Industrial Bank, Hi Investment Partners, and QUAD Investment Management. Despite a challenging investment climate, the round closed early due to overbooking, reflecting strong interest from both domestic and international investors.
HoneyNaps, founded in July 2015, has raised a total of $16.2 million to date. The initial seed funding of $0.7 million was secured through success-share-funding from the Ministry of SMEs and Startups in 2019. This latest round is the largest funding amount achieved by a domestic Sleep-Tech company in recent years.
FDA Approval and Strategic Partnerships
In 2023, HoneyNaps received FDA approval for its AI sleep diagnosis software, SOMNUM. This approval facilitated partnerships with major university hospitals across the United States through its Boston-based branch. The company’s growth in domestic sales, coupled with the potential for exports to the American medical market, were key factors in attracting the Series B investment.
SOMNUM is an advanced algorithm that analyzes bio signal data during sleep to diagnose diseases within five minutes using a self-developed AI model. This software can be integrated into various medical and healthcare markets, leveraging real-time, large-scale bio signal data.
Technological Advancements and Patents
HoneyNaps has invested nine years in developing its eXplainable AI (X.AI), a crucial technology for the medical field. The company has registered 16 original patents and published SCIE-level theses, enhancing its technical value. These innovations are integral to HoneyNaps’ mission to improve sleep disease diagnostics and expand into other critical areas such as cardiovascular disease, dementia, and Parkinson’s disease.
Future Plans and Vision
According to HoneyNaps’ CFO, the successful funding round amid a tough investment environment underscores the company’s position as Korea’s leading Sleep-Tech firm. The newly acquired resources will support HoneyNaps’ efforts to achieve significant results in both the domestic and American medical markets, furthering their recognition and impact.
HoneyNaps aims to enhance SOMNUM’s current applications and extend its AI technology to address other critical health areas. This expansion is part of the company’s broader strategy to revolutionize sleep technology and contribute to global healthcare advancements.
