Sleep Data said it raised $6 million to back the market expansion of its BetterNight virtual care platform.
BetterNight, which launched in 2018, is designed to access care through telemedicine and remote patient monitoring to deliver lower cost of care and improved outcomes.
San Diego-based BetterNight will put the funding toward market expansion of the virtual care platform, including the telehealth and remote patient monitoring aspects for patients with sleep apnea. It will also use funds for a digital therapeutic solution based on cognitive behavioral therapy for people with insomnia, according to a news release.
The $6 million funding round was led by HCAP Partners, a provider of growth capital to middle-market companies based in San Diego as well.
“With the aging of our population and new awareness around the negative health and performance consequences of inadequate sleep, a tsunami of new consumers will be entering an inefficient and costly sleep system that does not produce good outcomes,” Sleep Data CEO Dave French said in prepared remarks. “We have seen rapid consumer acceptance and adoption of telehealth, in-home testing, and remote patient monitoring. Today’s announcement – and the incredible support of our partners at HCAP – will accelerate the commercialization of our virtual platform which helps participants quickly receive the care they deserve. Our solutions increase access to much-needed care and are delivered at lower unit costs while achieving superior outcomes. We are excited to continue to rapidly deploy nationwide based upon our recent regional successes in states including Arkansas, Illinois, Nebraska and California.”
“Sleep disorders are highly prevalent, underdiagnosed, and have a high negative impact on overall health and healthcare costs,” added chief medical officer Dominic Munafo. “Individuals with untreated sleep apnea had inpatient costs 82% higher than treated patients. Apnea is causal for hypertension and associated with conditions like coronary artery disease, stroke, obesity and Type 2 diabetes”.
“BetterNight has become a category-defining company in sleep care,” said HCAP Partners managing partner Tim Bubnack. “The BetterNight team’s vision, rigorous clinical focus, and intelligent application of scalable technology across multiple platforms has raised the bar for what healthcare buyers, providers, and individuals should expect from modern sleep health solutions.”
