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HomeSouth Korea SouthKorea-Based HoneyNaps Secures $11.6 Million in Series B Funding

[FUNDING NEWS] SouthKorea-Based HoneyNaps Secures $11.6 Million in Series B Funding

HoneyNaps enters the American medical sector with $11.6 million in series B funding.

HoneyNaps enters the American medical sector with $11.6 million in series B funding.

Leading South Korean startup HoneyNaps, which analyses sleep data using artificial intelligence (AI), it has concluded its series B investment round, raising $11.6 million.

Achieved with roughly three times the $3.9 million raised through series A funding back in 2021, the series B funding is a noteworthy accomplishment. As of March 2024, the firm has signed a listing contract with Korea Investment & Securities Co., Ltd., which would position it as the leading Sleep Technology (Sleep-Tech) listed company with an AI bio signal model.

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This round included new investors such Korea Industrial Bank, Hi Investment Partners, and QUAD Investment Management. Overbooking from famous domestic and overseas investors closed this series B offering early despite a venture investment freeze.

HoneyNaps, founded in July 2015, has raised $16.2 million, starting with $0.7 million in startup capital from the Ministry of SMEs and Startups in 2019. This is the largest money domestic Sleep-Tech firms have received.

HoneyNaps’ Boston-based American branch partnered with major U.S. university hospitals after FDA approval of their AI sleep diagnosis software SOMNUM in 2023. The company’s financial success was driven by domestic sales growth and export prospects to the American medical sector.

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SOMNUM uses its self-developed AI model to diagnose diseases in five minutes utilising bio signal data during sleep. Any medical and healthcare market can use our AI diagnosis software with real-time large-scale bio signal.

The company spent nine years developing X.AI (eXplainable AI), a vital medical tool. They have 16 original patents and published SCIE-Level theses, adding technological value to clients.

About HoneyNaps

HoneyNaps collects and analyses data 24/7. HoneyCube is an intelligent bio-signals monitoring tool we developed and distributed to ensure stable bio-signals.

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