HoneyNaps secures a $11.6 million Series B investment, becoming the No. 1 ranked A.I Sleep Technology Company

BOSTON, May 24, 2024 ~ HoneyNaps, a leading South Korean company specializing in artificial intelligence (AI) sleep data analysis, has recently announced the successful closure of its series B round of funding. The company has secured an impressive $11.6 million, nearly three times the amount raised in its previous series A funding back in 2021.

This latest round of funding marks a significant achievement for HoneyNaps, as it positions the company to become the top listed company in Sleep Technology (Sleep-Tech) with its AI bio signal model. The company has signed a listing contract with Korea Investment & Securities Co., Ltd., which is set to take effect in March 2024.

The series B funding saw participation from several new investors, including Korea Industrial Bank, Hi investment Partners, and QUAD Investment Management. Despite the current freeze-up in venture investment, HoneyNaps was able to achieve an early close for this round due to overwhelming interest from prestigious domestic and foreign investors.

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Since its establishment in July 2015, HoneyNaps has raised a total of $16.2 million through various rounds of funding. This includes seed funding of $0.7 million secured through success-share-funding from the Ministry of SMEs and Startups in 2019. This latest round of financing is the largest among recent financings secured by domestic Sleep-Tech companies.

One key factor contributing to HoneyNaps' success in securing this funding is its FDA-approved AI sleep diagnosis software SOMNUM. The company has also established partnerships with major university hospitals across the U.S. through its American branch based in Boston. The potential for export to the American medical market and strong domestic sales growth were cited as key drivers for this successful round of funding.

SOMNUM is an algorithm that uses AI technology to analyze bio signal data during sleep and provide disease diagnoses within five minutes. This innovative software can be integrated into any medical or healthcare market using real-time large-scale bio signal data. HoneyNaps has invested nine years in developing X.AI (eXplainable AI), a crucial component for the medical field. The company has also registered 16 original patents and published SCIE-Level thesis, further enhancing the technical value it provides to its clients.

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HoneyNaps' Chief Financial Officer stated, "This successful funding amidst a challenging investment climate has validated our position as Korea's leading Sleep-Tech company." He added, "These resources will enable us to achieve results in the domestic and American medical market and earn recognition. Beyond SOMNUM's current use in sleep disease diagnosis, we plan to further advance the AI to expand its application to other critical areas such as cardiovascular disease, dementia, and Parkinson's disease."

For more information about HoneyNaps and its innovative AI sleep analysis technology, interested parties can contact Christine Kwon, Managing Director of HoneyNaps USA Inc., via email at [email protected] or visit their website at www.honeynaps.com. The company is located at 6 Liberty SQ PMB 6202, Boston, MA 02109.
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