Sleepace, a Shenzhen-based startup for sleep quality monitoring, today announced the completion of a $7 million USD Series B financing round, led by Luolai Home Textile, a leading home textile product brand in China, and followed by e-commerce retailer JD.com.
The new round of funding will be used to improve product R&D, enhance branding and market outreach, and support the company’s overseas market expansion plans, according to the company.
Sleepace was founded by a group of Peking University alumni in 2011 as as a sleep monitoring product for babies and senior citizens. The company’s latest product is RestOn, a smart sleep monitoring device that tracks sleep health in real time.
The non-wearable device utilizes medical-grade sensors and a patented structure to measure sleep time, heart rate, respiratory rate, body movement, sleep cycles and other important sleep health metrics. Through a bluetooth connection, the Sleepace App analyzes sleep data to provide users feedback on how to rest better.
In terms of product development, Luolai will make Sleepace the centerpiece of its smart bedroom platform by leveraging biometric, behavioral and environmental data to better connect Sleepace with other smart bedroom devices. The integration of Sleepace into JD’s hardware ecosystem will broaden its range of compatible products to more than 500.
Sleepace received its initial Series A investment from Shanghai-based venture capital firm Gobi Partners in July 2014. In November 2014, Sleepace debuted the RestOn as part of a successful crowdfunding campaign on Indiegogo, attracting over 1,000 backers and exceeding the campaign’s fundraising goal by over 300%.
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Image Credit: Sleepace