The Sleep Factory Raises Series A Funding for Snoring and Sleep Apnea Solution
Reading Time: 2 minutesThe Sleep Factory, a South Korean company specializing in snoring and sleep apnea management, has successfully raised a Series A investment of KRW 2 billion from SBVA. Founded in August 2022 by CEO Park Jun-hyuk, the company offers a personalized snoring relief oral device called ‘Pasa’. Pasa is custom-made through 3D printing technology. Customers can easily order online and submit their dental impressions remotely, eliminating cumbersome processes. Users can monitor their snoring noise and sleep conditions via the company’s proprietary app, ‘AfterSleep’.
In an effort to minimize financial burdens for its customers, The Sleep Factory launched a flexible subscription service last year that does not require long-term commitments or impose cancellation fees. This service has already attracted over 5,000 subscribers.
According to data from the National Health Insurance Service, the number of people in Korea with sleep disorders has increased by 28.5% in the last five years, reaching approximately 1.1 million in 2022. To address this growing issue, The Sleep Factory has achieved Class II medical device certification from the Ministry of Food and Drug Safety and New Excellent Technology (NET) certification from the Ministry of Health and Welfare. Additionally, the company is preparing to seek approval from the U.S. Food and Drug Administration (FDA) next year.
Choi Ji-hyun, Executive Director at SBVA, who led the investment, commented, “The Sleep Factory’s Pasa subscription service has demonstrated significant performance, with a customer retention rate of over 65% after one year, which underscores its convenience compared to traditional snoring treatments. We see great potential in commercializing the subscription model as the sleep care and sleep tech market expands.”
CEO Park Jun-hyuk stated, “Securing this investment marks a significant recognition of our technological capabilities and the strength of our subscription model. Moving forward, we plan to expand our team of experts and enhance our technology to ensure that anyone suffering from sleep disorders can access our services at a reasonable cost and improve their quality of life.”
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