NightBalance BV, a maker of a positional therapy device for obstructive sleep apnea, 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. Dirk Kersten from INKEF, and Pieter van der Meer from Gilde will join the supervisory board, which will be chaired by Jan Keltjens and further strengthened with the appointment of Geoff Waters.

The proceeds of the Series B financing allow NightBalance to intensify and expand commercial efforts for its innovative Sleep Position Trainer in Europe, and to prepare for the company’s entry into the US market. NightBalance is planning for further clinical studies in the United States, guided by the leading sleep specialist David P. White, MD, from Harvard Medical School and former chief medical officer for Philips Respironics. Also filing for US Food and Drug Administration 510(k) clearance is being prepared.

“We are delighted to welcome INKEF and Gilde to our investor base, and to significantly strengthen our board and management with seasoned industry executives Jan Keltjens, Geoff Waters, and John Lipman” says Eline Vrijland-van Beest, founder and CEO of NightBalance, in a release. “In the EU and US alone, an estimated 25 million people suffer from sleep apnea of which 80% goes undiagnosed or is not helped with current treatments; our mission is to change these lives. This financing will allow us to move full steam ahead and increase our market penetration in Europe’s billion dollar market, and—under the leadership of John Lipman who joins us from Apnicure Inc—build the necessary infrastructure to access the U.S. market.”

“NightBalance stands out in the emerging field of novel sleep apnea technologies with their continued commitment to generate high-quality and actionable clinical data sets underpinning the ease of use and efficacy of the Sleep Position Trainer,” says Jan Keltjens. “I look forward to working with Eline and her team as well as the Board to help navigate the company’s important next phase of growth and development.”