A Buffalo telemedicine platform startup that’s served more than 11,000 patients recently closed a multi-million-dollar seed round.
Ognomy, a web-based system for diagnosing and treating sleep apnea, recently closed a series seed round of over $6.8 million, according to a press release. The round was led by Impellent Ventures and was also backed by a strategic partner in the sleep medicine industry. The company did not disclose the industry partner.
“This funding will allow us to accelerate our mission of providing accessible, high-quality care for sleep apnea patients across the country,” CEO Daniel Rifkin said in the release.
Why it matters: Monitoring startup funding helps gauge the health and growth of the Buffalo-area technology and startup community, a burgeoning part of the local economy. The first half of the year, local startups raised more than the first half of 2023 but remained well below 2022 levels. Companies face a tough economic climate where venture capital is often more cautious.
As of earlier this year, the Buffalo-based startup’s sleep provider network included 22 providers who are licensed in 43 states across the country and employed 21.
The business, founded in 2021, will have full nationwide coverage by the end of this year, the release said.
The seed round will help Ognomy integrate additional artificial intelligence-driven automation and information exchange into its platform. The advancements aim to further streamline the patient’s journey from initial diagnosis and ongoing management to care coordination.
“With AI-driven automation and a fully integrated platform, we are poised to revolutionize the way sleep apnea is diagnosed and treated,” he said in the release.
Prior to this seed round, the company had raised a total of $4.2 million.
Ognomy is the 10th local company to announce the closing of a private, growth-oriented round of funding this year. The list includes Strideful ($100,000), Circular.eco ($100,000), Immersed Games ($100,000), Edenesque ($175,000), TeleSafety ($230,000), Top Seedz ($750,000), SelectFI ($4.5 million), MimiVax ($5.8 million), Ognomy ($6.8 million) and CleanFiber ($28 million).
