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ApniCure

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Apnicure - Winx Therapy System for Obstructive Sleep Apnea

Redwood City, United StatesFounded 2007Health Tech & Medtech
Valuation $0–100M Latest valuation · 2016
Total funding $50–100M Disclosed equity funding
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About ApniCure

ApniCure, Inc. was a medical device company established to address the challenges of obstructive sleep apnea (OSA). The company was founded in December 2007 by Matt Vaska, a medical device veteran, alongside Jonathan Podmore, Jed Crowe, and Chris Daniel. Vaska's inspiration for the company came from his father's diagnosis with OSA and subsequent inability to tolerate the standard CPAP treatment. Headquartered in Redwood City, California, ApniCure operated as a private company, securing significant venture capital, including a total of $70.8 million over five funding rounds from investors like Kleiner Perkins and USVP.

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The company's core business centered on the development and commercialization of home-use medical devices for sleep-related disorders. ApniCure's flagship product was the Winx™ Sleep Therapy System, designed as an alternative for patients with mild, moderate, and severe OSA who found CPAP machines uncomfortable or inconvenient. The business model initially focused on distributing the Winx system through sleep labs, but later shifted to a direct-to-consumer approach combined with telehealth services, allowing patients to consult with sleep therapists via online video appointments. This strategy aimed to reach individuals who had given up on CPAP therapy altogether.

The Winx system utilized a proprietary technology called Oral Pressure Therapy (OPT). Unlike CPAP machines that use forced air, the Winx system created a light oral vacuum. The device consisted of a quiet, bedside console connected by a slim tube to a soft, flexible mouthpiece. This mouthpiece would gently pull the soft palate forward and stabilize the tongue, thereby keeping the airway open for natural breathing during sleep. Key features included the mask-free design, quiet operation, and slim tubing that allowed for greater freedom of movement during sleep. The system also had a data management feature to track patient usage on an SD card. After successful clinical trials, the Winx system received 510(k) clearance from the U.S. Food and Drug Administration (FDA) in 2012, allowing it to be marketed in the United States. Despite its novel approach and initial market entry, ApniCure went out of business in late 2017, and the Winx system is no longer available.

Source: Dealroom company data

At a glance

Status
Operational
Founded
2007
Headquarters
Redwood City, United States
Open positions
None listed
Dealroom signal
56.3/100
Industry
Health
Sub-industry
Medical Devices
Sector
Health Tech & Medtech, Apnea, Respiratory, Sleeping, Hard Tech, DT and LS, science-based
Technology
Deep Tech
Business model
Manufacturing
Client focus
b2c

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Funding history

3 recorded events

Company financing events and reported valuations.

Deal typeDateAmountValuationInvestorsSource
LATE VCOther financing Mar 2016 $16M $63M Undisclosed
SERIES COther financing Apr 2013 $5.1M $20M U.S. Venture Partners · Kleiner Perkins · Capricorn Investment Group
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Growth signals

ApniCure website traffic

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Investors

4 investors on the cap table

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Series B and later4 investors entered at this stage

Team profiled 4 named & role-tagged
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Global footprint

Workforce and web traffic by country
Workforce by country
🇺🇸 United States · Redwood City HQ
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Market sentiment

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