Sleepme
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Sleepme Inc. was a sleep technology company based in Mooresville, North Carolina, parent of the ChiliSleep brand and its Chilipad and OOLER temperature-regulated mattress pads. Formerly named Kryo, it rebranded to Sleepme in 2021 and launched a SaaS platform and non-wearable sleep tracker, selling app-controlled bed cooling systems for better sleep.
02 / Sleepme FAILURE REASONS
Failure factors supported by the current evidence
The company raised a $37 million round led by KKR in late 2020 and merged with Ebb Therapeutics, but was unable to sustain its consumer hardware business: Sleepme Inc. ceased operations in May 2023. Its assets were acquired that July by Sleep Solutions Inc., which kept the Chilipad products alive under new ownership. No public reporting explains the operating causes of the shutdown.
03 / EVENT HISTORY
Events in the structured record
- Company founded
Parent company Kryo renames itself Sleepme Inc. and launches a SaaS platform alongside its ChiliSleep bed cooling products.
- Funding round
The company merges with Ebb Therapeutics and raises $37 million led by KKR health-care growth fund.
- Operations ended
Sleepme Inc. ceases operations in May 2023; on July 17, 2023 Sleep Solutions Inc. acquires the assets and revives the Chilipad business.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
Sleep tech brand behind Chilipad and OOLER bed coolers
- 02
$37M KKR-led round in 2020 after Ebb Therapeutics merger
- 03
Ceased operations in May 2023
- 04
Assets acquired by Sleep Solutions Inc. that July