A neurotech startup that dared to dream has attracted the attention of a major investor.
Johnson & Johnson Development Corp. (JJDC), J&J's investment arm, led a $35 million investment to help San Francisco, CA-based Dreem further develop its headband brain monitor designed to track sleep and improve peoples sleep.
According to Dreem CEO Hugo Mercier, 30% of the world's population is not currently sleeping effectively. He said if everyone in the world were able to get better, more quality rest every night, "we'd unleash opportunity like none other."
"Our productivity, creativity, humility as a global community could dramatically increase," Mercier said. "Our mission at Dreem is to help the world make that happen. We want to become the accessible, universally effective solution for everyone on the planet suffering from a poor sleep quality."
It's no simple undertaking, Mercier admits, but the young executive says Dreem is armed with everything it needs to make the company's dream a reality. This, he said, includes "incredibly talented people, years of research at our disposal, tenacity and passion, and now a powerful set of new investors.
The new funding round is expected to help the company further develop its flagship product, the Dreem headband, to make it as accessible as possible. The startup also wants to use the funds to develop new technological breakthroughs to significantly improve the experience, such as making the device as discreet as possible. The company said also plans to use the investment to grow its workforce by nearly 30% by the end of the year (today Dreem has a team of 70).
The company previously raised a total of $22 million. Investors in that round included billionaire French entrepreneur Xavier Niel; Laurent Alexandre, MD, an entrepreneur, and biotech investor; and French insurance company MAIF. With additional investment from JJDC and Bpifrance, Dreem said it has raised nearly $60 million in less than four years.