HoneyNaps hits $16.2 million in funding 

BOSTON – HoneyNaps, an AI sleep data analysis company based in South Korea, has closed its series B round of funding, securing $11.6 million. 

This funding is nearly three times the $3.9 million raised through series A funding back in 2021. 

"This successful funding amidst a challenging investment climate has validated our position as Korea's leading sleep-tech company,” the company’s CFO stated in a press release. "These resources will enable us to achieve results in the domestic and American medical market and earn recognition.” 

Founded in July 2015, HoneyNaps has amassed about $16.2 million to date, starting with seed funding of about $0.7 million secured through success-share-funding from the Ministry of SMEs and Startups in 2019. In this round, new investors included Korea Industrial Bank, Hi investment Partners and QUAD Investment Management.   

HoneyNaps obtained approval from the U.S. Food & Drug Administration for its AI sleep diagnosis software SOMNUM in 2023, establishing partnerships with major university hospitals across the U.S. through its Boston-based American branch. The domestic sales growth coupled with the perceived potential for export to the American medical market are cited as key drivers to the company's success in funding. 

SOMNUM is an algorithm that analyzes bio signal data during sleep and provides disease diagnoses under five minutes using its self-developed AI model. The software can be integrated into any medical and health care market using real-time, large-scale bio signal. 

Beyond SOMNUM's current use in sleep disease diagnosis, the company plans to further advance the AI to expand its application to other critical areas such as cardiovascular disease, dementia and Parkinson's disease.