NightBalance Nets $13.9 Million in Latest Funding Round

NightBalance BV, a developer of obstructive sleep apnea (OSA) technology, has completed a 12.5 million euros Series B financing round led by INKEF Capital and Gilde Healthcare Partners.

Existing investors Thuja Capital, Health Innovation Fund, and Van Herk Ventures also participated. Dirk Kersten from INKEF, and Pieter van der Meer from Gilde will join the supervisory board, which will be chaired by Jan Keltjens and further strengthened with the appointment of Geoff Waters.
 
The proceeds of the Series B financing allow NightBalance to intensify and expand commercial efforts for its innovative Sleep Position Trainer in Europe, and to prepare for the company’s entry into the U.S. market. NightBalance is planning for further clinical studies in the United States, guided by sleep specialist Prof. Dr. David P. White from Harvard Medical School and former chief medical officer for Philips Respironics. The company also is planning to seek U.S. Food and Drug Administration 510(k) clearance for its technology.

The company appointed John Lipman as U.S. chief operating officer to supervise and manage NightBalance’s American operations.
 
“NightBalance stands out in the emerging field of novel sleep apnea technologies with their continued commitment to generate high-quality and actionable clinical data sets underpinning the ease of use and efficacy of the Sleep Position Trainer,” said Keltjens. “I look forward to working with Eline and her team as well as the board to help navigate the company’s important next phase of growth and development.”

Keltjens has a strong track record in the medical device sector and more than 30 years of management experience. He is currently board chairman of JenaValve Technology GmbH and holds a number of non-executive board roles. He served as CEO of Sapiens Steering Brain Stimulation (acquired by Medtronic plc in August 2014), Endosense SA (acquired by St Jude Medical Inc. in August 2013), Surpass Medical (acquired by Stryker Corp. in August 2012, Cryocath (acquired by Medtronic in 2009) and AngioDynamics.
 
Waters was president of Respironics Inc.’s International Group from 1996 until 2008, when the company was acquired by Philips Healthcare. From 1984 until 1996, Waters was at Lifecare International in roles of increasing responsibility. As president and chief operating officer of Lifecare International, he played an instrumental role in preparing for the sale of the company to Respironics in 1996.
 
Lipman joins NightBalance from Apnicure Inc., where he was vice president of marketing and commercial development. Lipman has more than 20 years of experience in healthcare marketing and sales, with a focus on consumer medical devices. He has a proven track record in developing and executing strategic market entry plans for companies with new and emerging technologies.
 
White, M.D., is a professor of sleep medicine at the Harvard Medical School in Boston, Mass. He is an international thought leader, lecturer and researcher specialized in the diagnosis and treatment of obstructive sleep apnea. Besides several non-executive board roles such as chairman of the NightBalance Medical Advisory Board, he was the former chief medical officer for Philips Respironics.
 
INKEF is an Amsterdam, The Netherlands-based venture capital firm that is focused on the long-term collaboration and active support of innovative technology companies. INKEF was founded in 2010 by Dutch pension fund ABP and with 200 million euros under management, it is one of the largest venture capital funds in the Netherlands. INKEF focuses on investment opportunities in healthcare, technology and IT/NewMedia and prefers to participate from series A round financing onwards. Kersten is a managing director at INKEF.
 
Gilde is a transatlantic specialist investment firm. It manages more than 800 million euros ($910 million) in growth capital funds dedicated to therapeutic and medical technology companies in Europe and the United States as well as mid-market healthcare service companies in the Benelux and Germany. van der Meer is a managing partner at Gilde.
 
NightBalance’s Sleep Position Trainer (SPT) trains patients not to sleep on their back (supine) to prevent positional obstructive sleep apnea. Worn on the chest, the SPT constantly measures the sleep position, and gently nudges users to change position while leaving the natural sleep pattern unaffected. The SPT activates itself after 30 minutes, allowing patients to fall asleep in any position, and its smart hardware uses individually adjusted vibration strengths and patterns to assure sustained effectiveness. The SPT is prescribed by ear, nose and throat specialists or pulmonologists.

NightBalance, founded in 2009 and based in Delft, The Netherlands, developed and markets the Sleep Position Trainer, a proprietary, highly advanced and easy to use device to prevent positional obstructive sleep apnea. CE-marked since 2012, the SPT is currently sold in 11 European countries. NightBalance’s wealth of clinical data supports the efficacy and ease of use of the SPT, and has demonstrated a substantial increase in patient compliance.