Sleepace, the China-based producer of a sleep monitoring device, raised $7m yesterday in a series B round led by retail chain Luolai Home Textile that also included e-commerce company JD.com.
The company’s product, RestOn (pictured), collects data on a user’s sleep including cycles, movements, breathing and heart rate, which can then be accessed through a dedicated smartphone app. The device is laid across the bed and costs RMB 1,099 ($177).
In conjunction with JD’s investment, Sleepace will gain access to the company’s smart home platform to make RestOn compatible with it, while Luolai has agreed to feature the device in its furniture stores.
Sleepace initially launched RestOn on crowdfunding website Demohour, before securing $3m in series A funding from Gobi Ventures in July 2014.
The startup subsequently completed a crowdfunding campaign on Indiegogo in January 2015, raising $164,000 – three times its target – to fund the device’s introduction to the North American market.
– Image courtesy of Sleepace