World’s First Sleep Fitness Company Raises $86M in Series C Funding
Eight Sleep looks to revolutionize catching Z’s.
Eight Sleep recently announced raising $86 million in Series C funding, led by Valor Equity Partners. Coined as the world’s first sleep fitness company, Eight Sleep has had a popular launch with fans and investors like Alex Rodriguez and Kevin Hart. Other investors in Eight Sleep include SoftBank, Khosla Ventures, Founders Fund, and General Catalyst.
The initial concept for Eight Fitness was to focus on sleep recovery but quickly transitioned into sleep fitness. The patented sleep technology behind Eight Fitness has enabled the creation of a “smart mattress” called the Pod and mattress covers, which uses AI to monitor and enhance the sleeping experience. One feature of the Pod mattress is temperature regulation, and Eight Sleep prides itself on being the only mattress company on the market that provides a thermo-regulating bed.
The sleep fitness company is currently participating in three clinical studies, including a Mount Sinai sleep study and a temperature regulation study at Stanford University. The third study, with The University of California San Francisco, will examine AFIB detection.
Eight Sleep reports that users will fall asleep up to 32% faster and gain valuable insight with monitored health metrics. Eight Sleep says that the Pod will even provide cognitive behavior therapy as it measures biometrics. The goal is to flag a user to any health issues, such as sleep apnea, snoring, arrhythmia, strokes, and even the flu. The sleep technology also includes a unique feature called Gentle Rise WakeUp, which will gently prod a user to stir with a change in temperature and soothing vibration.
According to a 2020 study, almost half of Americans reported feeling like they were about to doze off during the day. Most surprisingly, the importance of sleep even plays a role in the economy. Lack of sleep can even have an economic impact of $411 billion each year in the US.
Eight Sleep points out that while sleep is crucial to an individual’s health, the fast-growing global sleep market is still under-resourced. While technology serves a purpose in fitness and nutrition, it’s not being utilized in sleep fitness, which is where Eight Sleep has laid the groundwork to dominate the market.
The Sacramento Kings and the 49’ers are both listed as team partnerships, as the players are provided Pods. Eight Sleep states that over 100 professional athletes already sleep on their mattresses, such as Todd Gurley, JD Martinez, and Kris Bryant. The company also boasts former Olympians as their enthusiasts, like Matthew Dellavedova and Jane Campbell.
The latest round of funding will increase technology to enhance a sleeper’s experience and grow the Eight Sleep team. The company also plans to expand internationally.
Co-founder and CEO Matteo Franceschetti recently told Fortune that he envisions Eight Sleep to flag kidney stones, cysts, and even cancer in the future. He notes that the company is busily working on technology to scan for such issues.
As of now, Eight Sleep has raised over $150 million total, and 2021 is slated to triple 2020’s revenue.
