Ozlo Raises $22M in Series B Funding Led by Modi Ventures

Ozlo, a Boston, MA-based sleep technology company, has raised $22 million in a Series B funding round.

The round was led by Modi Ventures with participation from LifeArc, Artis Ventures, ResMed, Scrum Ventures, Drive by DraftKings, Wheelhouse 360, Wise Ventures, Niremia Collective, Accelerate Ventures, World Solver Syndicate, Nick Foles, Danny Davis, Melissa Urban, and Michael Gervais.

The company will use the funding to expand its Sleepbuds business globally, develop new products and technology, advance regulatory work for a potential FDA submission related to tinnitus, and strengthen its marketing and partnerships.

What is Ozlo?

Ozlo develops sleep technology products designed to help people improve their rest. Its flagship product, Sleepbuds, combines audio technology, noise masking, and a comfortable design for overnight use.

Read More:Neuron Industries Secures $10M in Seed Funding

The company is also developing software and hardware features to create more personalised sleep experiences. Its broader focus includes exploring health conditions that affect sleep and developing technology that could address needs beyond traditional sleep products.

How Much Funding Has Ozlo Raised?

Ozlo has raised $22 million in its latest Series B funding round. The company has not disclosed its total funding raised to date or details of previous funding rounds.

Who Invested in Ozlo’s Series B?

The latest funding round was led by Modi Ventures.

Other participating investors include:

• LifeArc
• Artis Ventures
• ResMed
• Scrum Ventures
• Drive by DraftKings
• Wheelhouse 360
• Wise Ventures
• Niremia Collective
• Accelerate Ventures
• World Solver Syndicate
• Nick Foles
• Danny Davis
• Melissa Urban
• Michael Gervais

Why the Funding Matters

Ozlo will use the capital to scale its Sleepbuds business in international markets and accelerate the development of its next generation of products.

The company also plans to increase investment in hardware, software, engineering, and research and development. Part of the funding will support regulatory work for a potential FDA submission related to a tinnitus product.

In addition, Ozlo plans to expand its consumer and clinical marketing efforts and build more strategic partnerships.

Who founded Ozlo?

Ozlo was founded in 2022 by N.B. Patil, Charles Taylor, and Brian Mulcahey. The company is headquartered in Boston, Massachusetts.

"Ozlo's ambition extends well beyond a single product," said N.B. Patil, CEO of Ozlo. "Ozlo Sleepbuds helped define a new category of technology designed specifically for sleep, and we're now building on that foundation to address a much broader range of sleep needs.

“We believe any wearable sleep technology must get comfort right first—without it, even the most advanced technology will struggle to gain adoption,” said Sahir Ali, founder of Modi Ventures. “Ozlo has nailed that fundamental requirement, as demonstrated by its remarkable customer traction.

Market and Business Growth

Ozlo is expanding its presence through partnerships with consumer brands, research institutions, and healthcare providers.

Its collaborations include a product integration with Calm and work with research institutions in the US and international markets. The company also partners with athletes and sports organisations, including Canada Snowboard, to support sleep and recovery.

Ozlo has also partnered with Dreem Health, a nationwide virtual sleep clinic. The partnership connects users with sleep specialists who can evaluate, diagnose, and treat common sleep disorders.

What Happens Next?

Ozlo plans to expand its Sleepbuds business globally and develop new sleep-focused products and personalised technology. It will also continue its regulatory work related to tinnitus, strengthen clinical and consumer partnerships, and prepare for future product commercialisation.

Read More:California-Based Dren Bio Raises $350M in Private Financing