ZEO Inc, a Boston-based sleep education and coaching start-up, received $8.3 million in a Series C financing by Trident Capital and iD Ventures America.
BOSTON, Mass. (January 16, 2009) — Newton-based Axon Labs, a leading innovator in sleep education and motivational sleep coaching technology, has announced its name change to Zeo Inc. on the heels of receiving $8.3 million in a Series C financing. The financing was led by Trident Capital of Palo Alto, Calif., and includes additional investment from iD Ventures America, the company’s Series B lead investor.
“Our team is confident this continued support from our valued investors underscores our future success,” said Zeo Inc. CEO Dave Dickinson. “We look forward to delivering a new and powerful kind of sleep education and coaching technology to the marketplace in 2009.”
Zeo Inc.’s Series C financing reflects the significant progress Zeo Inc. has made in preparing its lead product for introduction into the large and fast-growing sleep, health and wellness industries. With its latest round of financing, Zeo Inc. will complete final development of Zeo, the first personal sleep coach, and use the proceeds to enter into the estimated $23.7 billion sleep product market later this year.
“We are committed to helping Zeo Inc. grow as they move to launch their highly anticipated sleep technology platform,” added Peter Meekin, managing director at Trident Capital. “As an emerging thought leader in the growing sleep industry, Zeo has great potential to truly revolutionize the way we approach sleep in our society.”
Since its founding in 2003, Zeo Inc.’s patent-pending, SoftWave™ sensor technology, which enables consumers to discover both the quantity and quality of their personal sleep patterns, has already generated significant interest within the sleep science and sleep research community. Zeo Inc. has raised more than $14 million to date, led by investments from venture capital funds, Trident Capital and iD Ventures America, and significant contributions from a number of angel investor groups and individuals within the United States and abroad.
ABOUT ZEO INC.
The mission of Zeo Inc. is to help people to discover new, scientifically-based ways to improve the quality of their lives through the power of sleep. We will accomplish this by combining breakthrough educational sleep technology and tools with proven coaching methods from both sleep science and behavioral science. For more information, visit www.myzeo.com.
ABOUT TRIDENT CAPITAL
Trident Capital is a leading private equity and venture capital firm committed to empowering entrepreneurs to build innovative and industry leading businesses. Founded in 1993, the firm manages over $1.6 billion of capital in a focused effort to develop world class information services and software business. Our team has invested in more than 150 companies since inception, including market leaders such as CSG Systems, Viant, Mapquest and iRobot. Trident invests in companies independent of size or stage of growth. We leverage our experiences, industry expertise and contacts to guide talented entrepreneurs to market success. Trident has offices in Palo Alto, Calif. and Westport, Conn. For more information, visit www.tridentcap.com.
ABOUT iD VENTURES AMERICA, LLC
iD Ventures America, LLC (formerly known as Acer Technology Ventures America, LLC) is a venture capital business unit of iD SoftCapital Group, a group established by Acer founder Stan Shih and former Acer senior management to offer consulting services, and asset and venture fund management. iD Ventures America’s mission is to facilitate the Intellectual Development of the New Economy through venture investing. We apply our industry experience, market knowledge, and supply chain relationship to assist many young start-ups to their eventual success including companies such as ArtX Inc., iRobot, Harmonix Music, and Monolithic Power System.