SleepCogni, a medtech company in Sheffield, secures £300,000 to boost its insomnia technology platform.
- The funding is a part of a larger financial strategy, paving the way for a significant 2025 capital campaign.
- Key figures in the company include Mark Milton-Edwards and Joseph Hawkins, who add to the leadership’s expertise.
- Milton-Edwards offers over three decades of pharmaceutical and healthcare experience, joining as a non-executive director.
- CEO Richard Mills emphasizes the strengthened commercial team and investor confidence in reaching global markets.
SleepCogni, based in Sheffield, has successfully raised £300,000 through an EIS pre-approved bridging round. This latest funding effort is supported by existing investors and grants, bringing the company’s total capital accumulated to an impressive £3.9 million. The new funds are strategically timed to precede an anticipated larger funding round in 2025, which aims to help the company achieve critical milestones, such as CE and FCC approvals, and drive commercialization in the expansive £35 billion global sleep tech market.
Leading the charge is long-term investor Mark Milton-Edwards, who has reinvested and joined the team as a non-executive director, focusing on global commercialization. Milton-Edwards, with more than 30 years of experience in the pharmaceutical and healthcare technology sectors, previously worked at Teva Pharmaceuticals and AstraZeneca. His notable accomplishments include the creation of Digihaler, the first fully integrated digital inhaler approved by both the FDA and MHRA.
Adding to the company’s leadership, Joseph Hawkins has been promoted to chief operating officer. Hawkins previously partnered with SleepCogni during his university dissertation on the use of machine learning to predict sleep onset. This study now plays a critical role in personalizing SleepCogni’s therapy options. Over the past six years, Hawkins has spearheaded collaborations with the NHS, driven sales in the UK and US, and secured £2 million in funding.
The CEO of SleepCogni, Richard Mills, expressed enthusiasm for the recent developments. “I am happy to strengthen our commercial team and announce this additional funding,” he stated, attributing the investor interest to confidence in the company’s mission and team. Mills highlighted the diverse experience across the SleepCogni executive team, which spans pharmaceuticals, healthcare insurance, and consumer retail sectors.
With the new capital and strengthened team, SleepCogni is positioned to make significant strides in the global sleep technology industry, expanding its reach and potentially setting new standards in sleep therapy solutions.
SleepCogni is poised for significant growth with strengthened leadership and strategic funding.
