SleepCogni, a medtech company based in Sheffield, has successfully raised £300,000 in a strategic funding round.
- The fresh capital injection was backed by existing investors and grants, bringing the company’s total funding to £3.9 million.
- This financial boost precedes a larger funding round anticipated in 2025, facilitating major milestones such as CE and FCC approvals.
- Long-term investor Mark Milton-Edwards has rejoined the team as a non-executive director to aid global commercialisation efforts.
- Joseph Hawkins, who has a strong background in machine learning and NHS collaborations, has been appointed as chief operating officer.
SleepCogni, a Sheffield-based medtech firm focusing on insomnia treatments, has recently attracted £300,000 through an EIS pre-approved bridging round. Backed by its existing supporters and additional grants, the company’s total funding now stands at £3.9 million. This comes as part of a prelude to a more extensive funding effort planned for 2025, which is key for achieving crucial certifications and entering the expansive £35 billion global sleep technology market.
Mark Milton-Edwards, a significant long-term investor, has chosen to reinvest in this round and take up the role of non-executive director. With more than three decades of experience in pharmaceuticals and healthcare technology, Milton-Edwards is set to play a pivotal role. His previous work includes developing the Digihaler, a digital inhaler approved by both FDA and MHRA. His expertise is expected to bolster SleepCogni’s ambitions for worldwide market reach.
Joseph Hawkins, the newly promoted chief operating officer, has been integral to SleepCogni since his academic collaboration at the University of Sheffield. His dissertation on using machine learning to predict sleep onset now underpins the personalised therapies offered by SleepCogni. Over the past six years, Hawkins has spearheaded collaborations with the NHS and driven sales efforts in the UK and US, securing funding of £2 million in the process.
Richard Mills, CEO of SleepCogni, remarked on the strategic enhancement of their commercial team with these appointments and the new funding. He emphasised the strength of their executive team, drawing from industries such as pharmaceuticals, healthcare insurance, and retail. This diverse experience positions the company well for advancing its business objectives.
The unfolding developments reflect SleepCogni’s strategic approach to scaling its operations and meeting significant industry standards, aiming for broader commercial success in the sleep technology arena.
SleepCogni’s recent financial and strategic moves signal its determined path towards expanding its market presence and innovation in sleep technology.
