Earable Neuroscience, a startup that has developed a sleep tech wearable device, has completed a bridge round of financing from Samsung Ventures Investment Corporation, according to a company statement.
The terms of the deal remain undisclosed.
Set up in 2018 by Vietnamese founder Tam Vu, the US-headquartered startup’s sleep tech wearable, FRENZ Brainband, incorporates neuroscience technology into a consumer wearable to enhance sleep quality, improve focus, and promote relaxation. The core technology was developed by scientists at the University of Colorado (USA) and Oxford University (UK).
Prior to the bridge round, Earable has secured funding from Founders Fund, Smilegate Investment, 500 Global and multiple angel investors.
Through this investment, Samsung Ventures plans to forge alliances within its local and global network to support Earable Neuroscience’s global market expansion, including the Korean market.
“Through real-time precise tracking and instant personalized stimulation, FRENZ holds the key to unleashing human potential, starting with the sleep experience. With Samsung Ventures’ extensive ecosystem support and established commercial base, we look forward to enhancing the neuroscience platform and providing the best experience to consumers worldwide,” Earable Neuroscience CEO Tam Vu said in the statement.
Earable shipped the first batch of products to its customers in May 2023.
The company, which has developed the software in Vietnam, will manufacture the device in two factories in the SE Asian country, Bloomberg reported in Nov 2022, citing Tam Vu. Earable aims to sell 100,000 units globally over a two-year period, the report added.
The company plans to initiate a Series A fundraising round in Q4 2023 to expand its operation, scale up product delivery and expand its product portfolio.
The consumer wearables market holds immense potential, with an estimated 900 million units sold worldwide annually. The growing demand for sleep-related products, driven by a significant portion of the global population experiencing sleep difficulties, has transformed it into a rapidly expanding industry.
Samsung Ventures is focused on investment areas such as semiconductors, telecom, software, internet, bioengineering and the medical industry.
In Southeast Asia, Samsung Ventures has backed Funding Societies, Travelio and Swingvy.