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July 11, 2016

NightBalance completes financing round for apnea device

Dutch ehealth company NightBalance has completed a EUR 12.5 million 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.

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Dirk Kersten from INKEF, and Pieter van der Meer from Gilde will join the supervisory board. The Board of Directors will be chaired by Jan Keltjens and further strengthened with the appointment of Geoff Waters, former President of Respironics International Group.

Entry in U.S. market

NightBalance positions itself as a leading innovator of obstructive sleep apnea (OSA) technology. The company will use the of the Series B financing to intensify and expand commercial efforts for its Sleep Position Trainer in Europe, and to prepare for the company’s entry into the U.S. market.

NightBalance plans further clinical studies in the U.S., guided by the leading sleep specialist Prof. Dr. David P. White from Harvard Medical School and former Chief Medical Officer for Philips Respironics. Next to this, a filing for U.S. Food and Drug Administration 510(k) clearance is being prepared. John Lipman has been appointed COO US to head NightBalance’s U.S. operations.

NightBalance was founded in 2009 and based in Delft, the Netherlands. It has developed and markets the Sleep Position Trainer, to prevent positional obstructive sleep apnea. CE-marked since 2012, the SPT is currently sold in 11 European countries. It can only be prescribed by a medical specialist.
According to the company the Sleep Position Trainer (SPT) trains patients not to sleep on their back (supine), as to prevent positional obstructive sleep apnea. Worn on the chest, the SPT measures the sleep position, and nudges users to change position while leaving the natural sleep pattern unaffected.

New board members

Jan Keltjens is currently Chairman of the Board of JenaValve and holds a number of non-executive Board roles. He served as the Chief Executive Officer of Sapiens Steering Brain Stimulation,, Endosense, Surpass Medical, Cryocath and Angiodynamics.

Geoff Waters was President of Respironics’ International Group from 1996 until 2008 when the company was acquired by Philips Healthcare. As President and Chief Operating Officer of Lifecare International, he played an instrumental role in preparing for the sale of Lifecare International to Respironics in 1996.

John Lipman joins NightBalance from Apnicure Inc. where he was VP of Marketing and Commercial Development. David P. White, M.D. is a professor of sleep medicine at the Harvard Medical School in Boston. Besides being active several non-executive Board roles such as the Chair for the NightBalance Medical Advisory Board, he was the former Chief Medical Officer for Philips Respironics.

About the investors

INKEF is a Dutch venture capital firm that is focused on the long-term collaboration and active support of innovative technology companies. It has €200 million under management. Gilde is a transatlantic specialist investment firm. It manages over €800 million ($910 million) in growth capital funds dedicated to innovative therapeutic and medical technology companies in Europe and the U.S. as well as mid-market healthcare service companies in the Benelux and Germany.

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