Sunrise Raises €17 Million and Aims to Increase Its Size Tenfold Within 5 Years
Sunrise, the company revolutionising home sleep testing, announces a €17 million in funding. The successful fundraising is led by Kurma Partners and includes the exceptional entry of the European Innovation Council (EIC Fund). The Walloon start-up has also taken an important step by obtaining approval from the European (MDR) and American (FDA) medical authorities. Sunrise hopes to make a real difference to the lives of millions of people around the world who suffer from sleep disorders.
Sunrise is proud to announce a €17 million financing round. The new financing, led by Kurma Partners, confirms the confidence of its historical investors, VIVES IUF and Namur Invest. New investors such as Sambrinvest, IMBC, InvestBW and Sofinex join Sunrise, in addition to the exceptional entry of the EIC Fund, the European Commission's prestigious deeptech programme, into the company's capital.
This funding is in addition to the €12 million Sunrise has raised since its inception. The start-up hopes to accelerate its growth with two major moves in the coming months: commercialising its technology in the United States and hiring new talent. Sunrise aims to multiply the size of its teams by 10 in the next 5 years.
Sunrise has already achieved a significant milestone in its international development: the approval of its second generation technology by the Food and Drug Administration (FDA) in America and the approval of the device under the recent Medical Device Regulation (MDR) in Europe. The company has also been awarded the SleepTech Award 2022 by the American National Sleep Foundation.
Laurent Martinot, CEO of Sunrise: "This latest fund-raising operation, together with our accreditation, confirms our ambition to improve access to treatment for the 1 billion people worldwide who suffer from sleep apnoea. Studies show that the vast majority of these people are unaware of this disease. Seep apnoea is probably one of the most common and under-diagnosed chronic diseases in the world."
Philippe Peltier, Partner at Kurma Partners: "Sunrise's solutions will change the lives of millions of people around the world who suffer from sleep disorders today. Their world-class clinical performance technology is the first to provide patients with a simple, accessible and uniquely accurate sleep analysis solution."
Hermann Hauser, the EIC Fund board member: "The EIC Fund has established itself as a strong force in EU deep-tech investments. This unique form of financing via EIC - combining grants and equity - is proving itself highly attractive to Europe's most promising start-ups, and providing them with the means to develop and scale their businesses in Europe."
Launched in 2015, Sunrise has grown significantly in recent months. This evolution is driven by the increasing demand from both patients and the medical professionals to organise faster and more accurate sleep diagnostics at home. The Sunrise team currently consists of 30 people and has around 20 vacancies in Belgium, France and the United States. Sunrise intends to grow further in the coming months.
Sunrise believes that everyone should have a sleep test in their lifetime. That's why the start-up is reinventing sleep apnoea diagnosis. It brings clinical quality directly into the patient's home. Its artificial intelligence-powered technology analyses a new signal on the human body, jaw movements, and other common apnoea signals, from a single sensor simply placed on the chin.
About Kurma Partners
Kurma Partners is a major player in healthcare and biotechnology funding across Europe. The venture capital group invests in high-potential companies and start-ups. It supports their development. Kurma Partners' ambition is to contribute to innovative solutions for the diagnosis and treatment of patients with serious diseases where there is an unmet medical need. With a strong network of partners, Kurma Partners aims to build the healthcare industry of tomorrow.
About EIC Accelerator
The European Innovation Council Fund from the European Commission is an agnostic Fund: it invests across all technologies and verticals, and all EU countries and countries associated to Horizon Europe. It provides the investment component of the EIC Accelerator blended finance. The main purpose of EIC Fund is to support companies in the development and commercialisation of disruptive technologies, bridging with and crowding in market players, and further sharing risk by building a large network of capital providers and strategic partners suitable for co-investments and follow-on funding. The Fund pays particular attention to the empowerment and support of female founders as well as the ambition to reduce the innovation divide among EU countries.
About VIVES IUF
The VIVES Inter University Fund (VIVES IUF) is a fund created in 2020, on the initiative of the UCLouvain. It aims to invest in projects with a positive impact on society and to support companies at different stages of their development. Through its partnerships, VIVES IUF relies on a network of multi-sectoral experts to strengthen the development of high-quality innovations.
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