NEW YORK, NY, Eight, the technology company focused on improving the way we sleep, today announced a $14M Series B round of financing led by Khosla Ventures.
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The round of funding was also supported by Y Combinator and Yunqi Partners. This latest round of capital brings the total amount raised to $27M from investors including Khosla, Yunqi Partners, Azure Capital, Y Combinator, and Stanford StartX fund. The new capital will go towards continuing distribution expansion and developing the new generation of sleep enhancement products.
The CDC has called insufficient sleep a public health epidemic. Sleeping less than seven hours per day is associated with an increased risk of developing chronic conditions such as obesity, diabetes, high blood pressure, heart disease, stroke, and frequent mental distress. Sleep-deprived people are costing the country over 400 billions of dollars each year.
"At Eight, we're focused on innovation in sleep so our customers can get better rest -- not just spend more time in bed. This round of funding enables us to continue on that mission," said Matteo Franceschetti, CEO and Co-Founder, Eight. "The partnership with Khosla is a clear fit. They share our vision of a future in which technology and data make healthcare more scientific and consistent."
As one of the first companies to merge hardware and software to improve the way we sleep, Eight's mission is to help people understand how their health is affected by how they sleep, and how improvements in their sleep can ultimately improve the way they live. It does this by leveraging machine learning to extract information from sleep data. Its signature product, the Eight Smart Mattress, tracks over 15 factors of sleep including heart rate, breathing rate, deep and light sleep, time slept, and tosses and turns. Its analysis of over 200 billion data points to date has uncovered findings in its Sleep Trends Reports including:
-People with a mattress 8 years or older get less deep sleep per night.
-People who sleep with pets every night get more sleep than those who don't, though their deep sleep is lower and they toss and turn more.
-The most sleep deprived states in the U.S. by sleep time are Mississippi, New Mexico, Louisiana, Arizona, and Oregon.
Founded in 2014, Eight experienced sales growth of 350% in its first year, making it one of the fastest growing companies in the industry. On a path to become the largest sleep database in the world, it has tracked over 2.5 million nights of sleep in just two years, and is expecting to collect an additional 12 million nights of sleep before the end of 2018. Last year, Eight collected and processed 500 terabytes of data from over 20,000 people, executed over 200,000 sleep-related smart home actions, and warmed up beds for over 1 million hours.
"Good sleep is one of the most important factors in health and productivity yet no companies focus on innovating on how we sleep. Eight is the first sleep company which not only monitors your sleep but also proactively helps you improve it." said Khosla Venture's investment partner Keith Rabois, who will be joining Eight's board of directors.
Founded in 2014 and based in New York City, Eight is bringing the biggest technological evolution that sleep has seen in the last 300 years. Named one of the Most Innovative Companies in Consumer Electronics by Fast Company, Eight is redesigning the traditional concept of a mattress, by developing cutting-edge AI and machine learning models to track bio signals during sleep with the goal of optimizing body recovery and rest. For more information about the company and its products visit eightsleep.com.