Earable® Neuroscience, a deep tech company that focuses on the neuroscience ecosystem to improve everyday experience, has announced the completion of the investment process from its bridge round by Samsung Ventures at an undisclosed amount on Wednesday.
The investment underscores Samsung Ventures' commitment to advancing healthcare technology for the future and recognizes the potential of Earable's FRENZ® Brainband as a consumer sleep tech wearable. Prior to this bridge round, Earable was funded by 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 South Korean market.
"This investment aligns with Samsung Ventures' commitment to scaling innovation and our belief in the potential of frontier technology to improve people's lives. We recognized the immense potential of FRENZ Brainband, with its exceptional core technologies and pioneering status in the sleep tech industry with potential in other cognitive improvement areas," Samsung Ventures' investment team said.
Earable shipped the first batch of products to its customers in May 2023. The company has plans to initiate a Series A fundraising round in the four quarter of 2023 to expand its operations, scale up product delivery, and expand its product portfolio.
Earable Neuroscience has developed the revolutionary sleep tech wearable, FRENZ® Brainband, which incorporates cutting-edge 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 (U.S.) and Oxford University (UK).
The AI-powered FRENZ® tracks and stimulates brain activity by delivering real-time personalized audio content through integrated bone-conduction speakers. With nine years of dedicated research and development and 15 global patents, Earable Neuroscience has positioned itself as a leader in the field, earning recognition from prestigious global awards such as CES Innovation in Wearables 2023, and Red Dot Design Awards 2023. It has also been featured by prominent media outlets like the BBC, Bloomberg, Mashable, and Reviewed.com as the sleep tech trend to watch in 2023.
"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's CEO Tam Vu stated.
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. FRENZ, with its advanced brain-tracking capabilities and personalized content delivery, is poised to meet the increasing demand for unobtrusive sleep-aid products, in a fast-growing market valued at $64 billion in 2021.