[The best venture company tour (59)] HoneyNaps

Reported by Jung-Il Hwang / Apr 03, 2020

Korea's first company specializing in sleep research and deep sleep solutions.

HoneyNaps is a bio-medical company that is receiving positive responses by introducing a bio-signal monitoring solution between sleep. Based on its unique technology, it is attracting attention in the medical field of care centers and hospitals and in the wellness market area of hotels and homes. [Photo provided = HoneyNaps]

Founded in July 2015, HoneyNaps is a bio-medical company that is receiving positive responses by introducing a bio-signal monitoring solution between sleep. HoneyNaps, which aims to contribute to the healthy life of mankind by developing core technologies for preventive management of life cycles, is expanding its scope to various businesses based on AI diagnostic algorithm technology.

Based on its unique technology, HoneyNaps is attracting attention in the medical field of care centers and hospitals and in the wellness market area of hotels and homes. From 2018, the third year of its foundation, to last year, it achieved sales of more than $1 million for the second consecutive year through domestic and foreign businesses, and is growing rapidly with operating profit of more than 40%.

In recognition of its excellent technology, it attracted growth-sharing funding from the Ministry of SMEs and Startups in 2019 and funds for commercialization of patent technology by Shinhan Financial Group. As a result of the Technology Credit Assessment (TCB) of Korea Enterprise Data, it has obtained one of the best grades, T3, and holds a number of key patents in Korea and the United States. Investment discussions are underway with Boston-based investment companies and domestic investors, and Series A is scheduled to end within the second quarter.

In the case of artificial intelligence diagnostic software introduced by HoneyNaps, it is expected to make an official announcement at the AASM conference scheduled to be held in Philadelphia in June in recognition of related papers from the "American Sleep Association." It has also been submitted to Scientific Reports, a sister journal of the world-renowned science journal Nature, and is being reviewed for registration. The title of thesis is 《Validation Study of Neural Network Algorithm for Automated Sleep Stage Scoring: StageNet》. In other words, technology is recognized worldwide.

A Sleep Scanning service that was introduced by participating in the 2019 Korean Sleep Association's regular academic competition [Photo provided = HoneyNaps]

■ Sleep is a prerequisite for a healthy life = Sleep is responsible for various functions such as activation of brain functions as well as recovery of physical and mental vitality. Therefore, it is directly connected to human life such as health and is a very important social factor for individual health and quality of life.

According to HoneyNaps, the sleep industry, which has recently emerged as a global trend, is developing into a high value-added future growth industry through convergence with various high-tech technologies to the extent that new words such as Sleeponomics and SleepTech are coined. Accordingly, HoneyNaps is supplying sleep-related solutions to more than 60 hospitals, clinics, and care centers nationwide based on contactless sensing technology, and plans to launch 1:1 personalized sleep scanning services during the first half of the year.

Sleep Scanning service is a program that analyzes an individual's sleep and sleep environment to coach deep sleep solutions and guides for a healthy life. There are a variety of programs, ranging from test takers to office workers, children, and seniors. In particular, individual sleep is analyzed with the "SOMNUM" algorithm, the first data-based artificial intelligence diagnostic software developed by HoneyNaps in Korea.

Unlike existing AI algorithms based on images or images, the "SOMNUM" algorithm analyzes and diagnoses real-time biosignal data.It is an AI-based diagnostic algorithm. Clinical verification has been completed twice at a university hospital in Korea, and approval procedures are underway to obtain approval from the U.S. FDA for the first time in Korea.

HoneyNaps is the only company in Korea that has high value-added new technology to provide a better sleep environment and improve sleep quality through the convergence between advanced technologies from sleepscanning services to AI sleep data analysis algorithms. The plan is to knock on the door of the U.S. market through presentation of AASM papers and participation in exhibitions in June.

■ Expecting the challenges of young people who are passionate based on sincerity = HoneyNaps is taking a step forward to revitalize the sleep industry such as the United States and create a culture of sleep management based on bio-medical technology and personal sleep management.

CEO Young-Joon Lee, who leads the company centered on technology management, is an expert who obtained a doctorate in computer engineering in the United States for academic combination with the foundation of electronic engineering. In addition, more than 20 years of professional experience have joined together from start-ups, leading each field to realize the vision and value of HoneyNaps.

In order to improve the concentration and productivity of work, a systematic operating system was established through consulting with law firms, labor and accountants. As executives from large companies gather together to lead the company, they are complementing their regrets and completing the optimal working environment. It has a compensation system that meets its capabilities, such as operating a performance-based system, stock option system, innovative KPI evaluation system, irregular team & individual reward system, and job invention compensation system.

Due to the rapid expansion of domestic and U.S. businesses, recruitment of each department, including web and app software engineers, big data analysis engineers, service product planning and professional graphic designers, is actively underway.

Young-Joon Lee, CEO of HoneyNaps, said, "HoneyNaps technically analyzes and diagnoses signals from the human body, but eventually creates technologies to communicate with people and help people." I think it's important to have talented people who can create skills that can tap on people's emotions for him, he said.

CEO Lee also places the most importance on a culture of mutual respect as the four-character idiom, "An animal with horns has no sharp teeth," means that one person cannot have all the talents or blessings, but another person's talent can exert greater capabilities and power. "I hope talented people who can acknowledge, respect, and support differences will join us in our challenge," he stressed.

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