Dutch sleep apnea device developer NightBalance said today it raised $13.9 million (EU €12.5 million) in a Series B round of financing, and it added 4 new members to its board, including new board chair Jan Keltjens.
NightBalance produces the Sleep Position Trainer, which is designed to train patients to not sleep on their back to prevent positional obstructive street apnea, the company said. The device is worn on the chest and constantly measures sleep position, “nudging’ the user to change position while leaving the natural sleep pattern unaffected.
The round was led by Inkef Capital and Gilde Healthcare Partners, and joined by existing investors Thuja Capital, Health Innovation Fund and Van Herk Ventures. Inkef’s Dirk Kersen and Gilde’s Pieter van der Meer will join Keltjens and Geoff Waters on the company’s board, NightBalance said.
“We are delighted to welcome Inkef and Gilde to our investor base, and to significantly strengthen our board and management with seasoned industry executives Jan Keltjens, Geoff Waters, and John Lipman. In the EU and U.S. alone, an estimated 25 million people suffer from sleep apnea of which 80% goes undiagnosed or is not helped with current treatments; our mission is to change these lives. This financing will allow us to move full steam ahead and increase our market penetration in Europe’s billion dollar market, and – under the leadership of John Lipman who joins us from Apnicure Inc. – build the necessary infrastructure to access the U.S. market,” CEO Eline Vrijland-van Beest said in a press release.
Proceeds from the round are slated to be used to expand commercialization of the company’s Sleep Position Trainer in Europe and to aid in preparation for entry into the U.S. market. The company said it is planning for clinical trials in the U.S., and that it is preparing for 510(k) clearance filing with the FDA.
“NightBalance stands out in the emerging field of novel sleep apnea technologies with their continued commitment to generate high-quality and actionable clinical data sets underpinning the ease of use and efficacy of the Sleep Position Trainer. I look forward to working with Eline and her team as well as the Board to help navigate the company’s important next phase of growth and development,” board chair Keltjens said in prepared remarks.