TPG Biotech, which is part of the venture capital investment platform of US mega-buyout firm TPG, has led a $20.5 million (€13.5 million) round of financing in Sleep Solutions.
The investment was made through the TPG Biotechnology II fund; a TPG spokeswoman declined to provide details on the fund's size, closing date and investment strategy. Existing investors MedVenture Associates, Emergent Ventures and Lava Ventures also participated.
Sleep Solutions is a medical device manufacturer and at-home diagnostic service provider for sleep-disordered breathing including obstructive sleep apnea (OSA).
The company intends to use additional funding to develop sales and marketing capabilities, expand facilities and develop additional applications for its proprietary technologies.
“The company’s proprietary OSA technology and unique home service delivery model, combined with existing strong support from private insurers and now Medicare, uniquely position Sleep Solutions for an aggressive nationwide launch over the coming months and years,” said TPG Biotech managing director Keith Grossman.
The Centers for Medicare and Medicaid Services will finalize approval of reimbursement for in-home diagnostic testing for OSA in mid-March.
TPG Biotech and TPG Growth make up the venture capital platform of TPG. TPG Biotech has over $500 under management and is backed by the resources of TPG which has more than $35 billion under management, according to the firm.
Most recently, TPG Biotech led a $24 million Series A round in biotech company Moksha8, and was joined on a $15 million Series B round by Lit Tele LLC of Brazil. The investment was announced on 5 February.