An innovative cloud-based platform for sleep wellness and sleep disorder management - Somnoware - has secured $9M in Series A funding led by TransLink Capital.
Somnoware Healthcare Systems, an innovative cloud-based platform for sleep wellness and sleep disorder management, today announced it has secured $9M in Series A funding led by TransLink Capital, with participation from World Innovation Lab (WiL) and existing investors. The investment will be used by Somnoware to further fulfill its mission to help our customers connect, organize and analyze clinical sleep information to improve patient care.
It is widely acknowledged that nutrition, exercise, and sleep form the three pillars of health. However, while nutrition and exercise are commonly understood, sleep is often misunderstood and neglected, at a terrible cost on both the individual and societal levels. Fragmentation and silos in sleep care make it difficult to measure, track, and improve sleep.
Harvard-McKinsey study estimates that poorly managed sleep apnea costs the U.S. economy over $150B per year. Researchers report that over 75% of the 45M Americans that suffer from sleep disorders are not diagnosed. With over 30 manufacturers and more than 50 different devices creating silos of data; diagnosis and ongoing management of this large population is an inefficient and expensive challenge.
With fewer healthcare dollars to spend, larger patient bases to manage, and increasing momentum towards outcomes-based care, payers and providers require solutions that can access and analyze sleep data regardless of the device, manufacturer, or healthcare EMR. By providing an agnostic platform, Somnoware achieves seamless interoperability across all devices, manufacturers, and EMRs, bridging these silos and making the data readily accessible and useful for patients, clinicians, payers, device manufacturers, and researchers.
“Our analysis revealed that constituents from physicians to sleep centers to therapy providers and patients are eager to break down the silos created by all the devices and competing manufacturers involved in the sleep industry. Somnoware not only fills this need, but also provides the workflow, data, and analysis platform that enables increased efficiency and the delivery of higher quality care,” said Eric Hsia, Venture Partner and Senior Advisor at TransLink Capital.
With a comprehensive view of sleep data and a single point of access to patient information in one unified platform, providers can use Somnoware’s analytics to easily achieve the detailed outcome measurement and reporting required for participation in accountable care.
“With this investment—and the rapid adoption across the sleep community with systems like Carolinas HealthCare and Advocate Health Care—we’re well on the way to achieving our vision of advancing health by providing insights and solutions to improve sleep. Now we can extend the platform and add even more capabilities that will further our leadership position,” said Subath Kamalasan, CEO of Somnoware.