Somnoware Healthcare Systems Nets $9M
CHARLOTTE, NC, Somnoware Healthcare Systems, a cloud-based platform for sleep wellness and sleep disorder management, today announced it has secured $9 million in Series A funding.
According to Sleep Review Magazine, the funding round was 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 connect, organize, and analyze clinical sleep information, enabling customers to better manage sleep apnea, lower costs, and improve patient outcomes.
With over 30 manufacturers and more than 50 different devices creating silos of data, diagnosis and ongoing management of the large sleep apnea population is an inefficient and expensive challenge, Somnoware posits. By providing an agnostic platform, Somnoware states that it achieves seamless interoperability across all devices, manufacturers, and EMRs, bridging silos and making the data readily accessible and useful for patients, clinicians, payors, 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,' says Eric Hsia, venture partner and senior advisor at TransLink Capital, in a release.
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 achieve the detailed outcome measurement and reporting required for participation in accountable care, the company states.
'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,' says Subath Kamalasan, CEO of Somnoware.
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