South Bend startup nabs $500K for sleep aid device
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A startup founded by a Notre Dame alum who leveraged the university’s IDEA Center to further develop his company’s sleep aid device has secured a $500,000 investment.
Sleep Easy Technology CEO Anthony Esplin plans to use the funds to promote marketing and sales of its Oxyllow System. The source of the investment was undisclosed.
The Oxyllow System uses two soft foam blocks attached to both sides of a pillowcase to diffuse oxygen to people who need it while sleeping. Designed for side and stomach sleepers who need supplemental oxygen, it avoids causing the restless nights and skin irritation that can occur when people use other devices such as oxygen concentrators that use nose tubes, the university said.
“We’re already selling about one or two of our systems a day,” Esplin said in a news release. “Our next goal is to sell at least four or five. We don’t think this will be too challenging because we have been growing our sales 50% month over month. We are excited to get the company to a self-sustaining level.”
The device now retails for $120, according to the company’s website.
Esplin, a University of Utah medical engineering graduate, began working on the device in 2019. He later was accepted into Notre Dame’s ESTEEM graduate program, where students are trained to become entrepreneurs, the university said.
After graduating he continued to take advantage of the university’s IDEA Center.
“We’ve participated in everything from the McCloskey New Venture Competition to Race to Revenue to startup accelerators at the IDEA Center,” Esplin said. “The center has also connected us to essential mentors and investors. Overall, the IDEA Center really equipped us with the knowledge and connections we needed to accelerate our business.”