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UK startup SleepCogni’s device that heals insomnia bags nearly £500K funding

Many people experience sleep challenges all over the world. Termed insomnia, the condition is estimated to have affected one in three people across the world. Besides medication, there are some offerings that focus on limiting sleep and help them sleep better. One such offering is an innovative, data-supported handheld device for people with insomnia called SleepCogni.

Helps fight insomnia

Co-founded by Sheffield-based entrepreneur Richard Mills, who has personally suffered from sleeping disorders, and Dutch chronobiologist and sleep expert, Dr Maan van de Werken, the device enables users to self-manage their insomnia. SleepCogni helps insomnia sufferers break cognitive cycles that prevent sleep.

Using a patented, clinically proven technology, SleepCogni combines a handheld device and subscription-based SaaS platform to help users. It provides users with an immediate sleep aid while simultaneously collecting data to provide informed insight for clinical intervention, including CBT-I.

Wider rollout of its device

The sleep therapy solution provider SleepCogni has raised £475K in the first week of a crowdfunding campaign on Crowdcube. It attracted funds from 157 different investors in this latest fund raise combining venture capital investment and crowdfunding. Its latest backers include Chasnay Capital Investments, a new private investment fund established by three former General Electric (GE) Healthcare senior executives.

The current crowdfunding investment round came after the successful clinical trials at Sheffield Hallam University last month. In the trials, SleepCogni produced exceptional results by reducing clinical insomnia after just seven days. Prior to this, the device registered for medical use by the US Food & Drug Administration (FDA).

SleepCogni will use the fresh funds for its software platform upgrade, recruitment of a new SleepCogni business development team, and beta testing of the device at four sites – two in the US and two in the UK. Also, the company is all set to roll out its device to 130 clinics, including of one of the largest sleep care management groups in the US.

SleepCogni co-founder and CEO, Richard Mills, said: “We’re delighted with the success of this crowdfunding campaign where we’ve quickly surpassed our initial investment target. Along with all our 157 new investors, I’m delighted to welcome Chasnay Capital Investments on board, a fund which is led by three former GE executives who are proven titans in the healthcare industry. Their financial commitment towards SleepCogni underlines the size of the opportunity and our ambition to capture a significant share of the $80bn global sleep aid market.

Reinaldo Garcia from Chasnay Capital Investments said: “We’re excited by our investment into SleepCogni for many reasons: its patented technology and clinically validated solution addresses an unmet need in the global sleep aid market, and the company is backed by an excellent team. As experienced global senior leaders with a proven track record, we can add value in this next exciting stage of the business and help SleepCogni scale on a global level.”