Kryo-owned brand ChiliSleep markets hydro-powered, temperature-regulated sleep systems directly to consumers. Its chiliPAD features a water-based hydronic pad and remote-controlled temperature to keep a bed cool, and its OOLER device builds on those features with a scheduling app.
Ebb Therapeutics markets both a prescription wearable that lowers temperature to promote sleep and direct-to-consumer consumer cooling headbands.
Now the two temperature-focused sleep companies have merged. As part of the transaction, investment firm KKR, Ebb’s largest investor, led a $37 million investment to accelerate the merged company’s growth. Through core temperature-regulation products and wearable sleep devices, plus future coaching platforms, educational apps, and biofeedback features, ChiliSleep and Ebb provide clinically researched and drug-free sleep therapies to improve sleep quality.
“We are thrilled to keep improving how the world sleeps. This combination is validation that the world is ready to take a fresh look at sleep and incorporate clinically researched solutions into everyday life. This investment and our merger with Ebb will help to accelerate growth into new spaces for consumers, meeting them where they are in the journey, with solutions for the bedroom, and on-the-go resources to help coach them along the way,” says Tara Youngblood, ChiliSleep CEO and co-founder, in a release.
Eduard Röösli, Ebb President and CEO, says in a release, “The steadfast mission of Ebb Therapeutics has been, from the start and above all, to improve the lives of as many people as possible through better sleep. We are honored to be merging with ChiliSleep, a company whose goals truly match up with Ebb’s; with their far-reaching capabilities and respect for science, I am confident that they will be able to maximize our groundbreaking, proven technology and help even more people live happier, healthier lives.”
Ali Satvat, global head of KKR health care strategic growth and co-head of Health Care within KKR’s North America Private Equity platform, says in a release, “Insomnia and sleep-related issues are unfortunately on the rise, but fortunately so are effective treatments to address them. We are thrilled to support the merger of ChiliSleep and Ebb to bring these innovations to the market and help solve an unmet need for those who need improved sleep.”
For KKR, the investment is being funded through the firm’s Health Care Strategic Growth Fund, which is focused on investing in high-growth healthcare-related companies for which KKR can be a unique partner in helping reach scale.