NAVER D2SF Invests in Sleep Tech Startup PranaQ, Marking Its 100th Investment in Technology Startup
NAVER D2SF Invests in Sleep Tech Startup PranaQ, Marking Its 100th Investment in Technology Startup
NAVER D2SF Invests in Sleep Tech Startup PranaQ, Marking Its 100th Investment in Technology Startup
- PranaQ develops an algorithm that measures sleep quality with high accuracy and plans to improve sleeping convenience with wearable devices
- With founding members having global backgrounds, the startup aims to register its product with the FDA in 2023, targeting the North American market
- NAVER D2SF invested KRW 16.7 billion in 26 firms in 2022, and it still plans to discover and invest in early-stage startups despite challenging market conditions
December 22, 2022
NAVER remains committed to actively discovering and investing in early-stage technology startups despite challenging market conditions. NAVER D2 Startup Factory (D2SF) announced on December 22 that it invested in its 100th technology startup since its launch seven years ago. A sleep tech startup PranaQ (CEO Jerry Chen) received the investment.
PranaQ develops a health-care solution that measures sleep quality with high accuracy. Its photoplethysmography (PPG) technology that measures blood flow by beaming LED light on the skin can precisely measure blood oxygen saturation, heart rate variability, and signals related to the respiratory system that were previously difficult to analyze with other technologies. By analyzing 25,000 hours of sleep data, such technology also includes an AI model with corrected signal distortion, resulting in greater reliability.
PranaQ plans to develop wearable devices based on a sleep detection algorithm. Previously, evaluating sleep quality required expensive hospital visits, but PranaQ seeks to offer a low-cost, convenient, and accurate alternative with its wearable device. Moreover, PranaQ is currently enhancing its technologies with the goal of registering its product with the US Food and Drug Administration (FDA) in 2023, and its primary target markets include hospitals, health-care firms, and remote medical care firms in North America.
The cofounders of PranaQ, with Jerry Chen as the CEO, are a diverse group of individuals with global backgrounds. They have extensive experience in signal processing and AI development in leading universities and companies, including Princeton, Georgia Tech, and Google. PranaQ secured USD 3 million in the seed investment, and the round was led by DSC Investment.
“The global sleep tech industry is expected to expand to roughly USD 32 billion by 2026, which is three times larger than its size in 2019,” said Yang Sang-hwan, leader of NAVER D2SF. “PranaQ possesses impressive technological capabilities, and we expect that it will emerge as a prominent player in the sleep tech market, providing solutions for people worldwide who struggle with sleep-related problems.”
Despite a slowdown in investment activities, NAVER D2SF continues to actively invest in early-stage technology startups. In 2022, it invested KRW 16.7 billion in 26 companies, which is comparable to its investments of KRW 17.7 billion in 31 companies in the previous year. Furthermore, D2SF plans to continue discovering early-stage technology startups throughout 2023 by recruiting new startups to invest in via its website. The aim is to foster synergy between startups and NAVER.
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