DreamJay Pulls In $2.3M Series A Funding
SAN FRANCISCO, CA, DreamJay, a start-up dedicated to remedying sleep-issues through research and technology, has just raised $2.3M in a series A funding round.
The funding will be used to continue the research and development of Nightly, one of the first mobile medical apps designed to help prevent bad dreams.
Neutralizing bad dreams with an app is particularly helpful for those with certain sleep disorders - such as post-traumatic stress syndrome - as it helps them manage their sleep without pharmaceuticals. The application works by playing audio and video content to reduce stress and anxiety, calming the body and mind. It can also monitor and analyse sleep patterns.
The Nightly app was developed on the base of extensive research by an interdisciplinary team of scientists and entrepreneurs with the support of artists and audiovisual engineers. In order to carry out further research and improve the application before its official launch in fall 2017, the creators of Nightly have raised $2.3M in a round of financing. The lead investor is Joint Polish Investment Fund (JPIF) - the largest Life Science Venture Capital fund in Poland. Nordic Makers, a Swedish Venture Capital fund, and several private investors provided additional funding.
"I am delighted that we have now raised enough capital to begin the clinical validation of our product", said Nightly CEO, Łukasz Młodyszewski. "The tests, which we have conducted so far, including those with the SWPS University and the Sleep Disorders Center at the Institute of Psychiatry and Neurology, demonstrate that we are moving in the right direction. They also indicate further areas for development that we can now pursue".
The funding will allow Nightly to continue its current operations and to finance the additional clinical research necessary to submit the app for premarket review by the US Food and Drug Administration (FDA) as well as the Notified Body for the European CE mark certification.
"We are impressed with the possibilities of Nightly and believe that the app is capable of disrupting the current state of the pharmaceutical market for sleep aids and other conditions", commented Kreske Nickelsen, General Partner of JPIF. "We look forward to the moment when it may be possible to call this app a medical device which could then become an alternative or add on to the current standard of care, including use of psychoactive drugs".
Operating out of San Francisco, USA, and Warsaw, Poland, Nightly is a team of scientists, artists and entrepreneurs with the mission of creating solutions to help people sleep better. After three years of research in cooperation with scientists and experts in sleep medicine, neuropsychology and audiovisual content, Nightly was developed to manage bad dreams, improve quality of sleep and reduce the number of wake-ups with audio and video stimuli. By waking users up at the optimal time, it also makes it easier to get up in the morning. The Nightly app will premiere in the fall of 2017.
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