Tuesday, May 30, 2023

HALEO Virtual Sleep Clinic Acquires $5.2 Million in Seed-Extension Funding

By ET Bureau - July 06, 2022 3 Mins Read

HALEO Virtual Sleep Clinic Acquires _5.2 Million in Seed-Extension Funding-01

HALEO, a world-renowned professional virtual sleep clinic, today announced it has closed a CAD $5.2 million (US $4.04M) Seed-Extension financing round to accelerate business growth across the United States and Canada. Boreal Ventures and AQC Capital led the round, along with investments from Investissement QuébecDesjardins CapitalReal Ventures and the Pan-Canadian Consortium MEDTEQ+ (with support from the Government of Canada). Members of the Anges Québec network and other notable angel investors also participated in the round.

HALEO is a professional virtual care solution for sleep that uses evidence-based techniques, such as cognitive behavioural therapy and image rehearsal therapy. Licensed therapists provide care to patients using HALEO’s proprietary, clinically proven treatment protocols delivered through its state-of-the-art mobile application. The solution not only changes people’s lives by helping them return to healthy sleep and by reducing symptoms of mental illness, it also significantly reduces the absence management, disability, safety, and prescription medication costs assumed by the employer. Many employers describe HALEO as a highly effective physical and mental health solution that carries none of the taboos often associated with workplace assistance programs.

This seed-funding extension will fuel HALEO’s research and development for new solutions across treatment modalities such as digital therapeutics, and across underserved clinical fields including shift work, nightmares, sleep optimization and sleep medication management. HALEO recently launched a new solution for shift workers (SW-CBTi) experiencing insomnia. This protocol is designed and clinically proven to be effective for first responders, manufacturers, transporters, front-line healthcare professionals and other shift workers.

Bradley Smith, HALEO’s Founder and CEO, said that the company has been focused on delivering outstanding care for sleep at scale since it was founded in 2015. “Everyone’s sleep is different, and so are the organizational cultures of the clients we serve. We personalize care and systematically assess the effectiveness of our interventions for each patient. We also customize our communication and reporting tools for our customers to maximize employee engagement,” added Smith.

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Kalthoum Bouacida, partner at AQC Capital, says “the global Sleep Aids market is huge, yet none of the existing solutions effectively resolve the problem of poor sleep at the population level. HALEO’s virtual sleep clinic meets this challenge head-on. I am really excited to see HALEO treating millions of patients.”

David Charbonneau, managing partner at Boreal Ventures, added “what sets HALEO apart is how its solution integrates professional clinical expertise in sleep into a digital platform. The result is a seamless clinical experience delivering high engagement, strong adherence to treatment and very satisfied customers. HALEO is a rare type of health benefit: a clinically proven solution that has demonstrated the ability to scale to the point that it significantly and measurably reduces an organization’s costs and risks.”

For Julien Ponce, Chairperson of HALEO’s Board of Directors, HALEO is addressing an important market need. “Front-line health care workers and first responders are in greater demand than ever before. These factors along with two years of a global pandemic, financial uncertainty, and general stress and mental health all contribute to the increase of sleep disorders. The rise of poor sleep hinders productivity, retention, and safety, which adds costs and risks to employers,” said Ponce.

Q&A with more specifics about this fundraise and the HALEO mission.

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