Launch NY’s latest investment into Ognomy will support national expansion

Ognomy, which has now raised $6.8 million since inception, recently closed series seed preferred round amidst impressive growth

Launch NY’s recent $75,000 Ognomy investment is the latest of several LNY investments in Buffalo- based sleep apnea startup

September 17, 2024 Buffalo, NY – Launch NY is pleased to announce a $75,000 investment into Ognomy, a Buffalo-based telemedicine startup transforming sleep apnea care for patients across the U.S.

Ognomy was founded in 2021 by Dr. Daniel Rifkin, a sleep medicine specialist who also serves as the company’s CEO, with the mission of leveraging technology to make high-quality sleep apnea care accessible to everyone. The Buffalo-based company now has coverage in 44 states, will reach nationwide coverage by the end of 2024 and recently surpassed 12,000 patients served on its platform.

The Launch NY investment is part of Ognomy’s series seed preferred round, which was led by Rochester- based Impellent Ventures and also included a leading strategic partner in the sleep medicine industry. Launch NY is a longtime supporter of the company and has provided both mentorship and funding over the years. Launch NY investments into Ognomy included a $175,000 investment in 2022, a $100,000 investment in 2023 and the recent $75,000 contribution.

Ognomy raised an additional $60,000 in 2023 through Launch NY’s Investor Network, a syndicate of accredited investors interested in backing Upstate New York startups.

“Ognomy is a perfect example of how our ecosystem is growing by using a variety of local resources, then adding an ever wider group of funders and partnerships,” Launch NY president and CEO Marnie LaVigne, Ph.D. “With a team that includes a leader from previous successful healthcare startups in our region, including Launch NY portfolio company Casana, Ognomy made the most of our nonprofit fund, limited partner fund and Investor Network, while building its traction and attracting Impellent and other strategic investors. We are so gratified that we have been able to benefit not only the company, but also over 400 accredited investors who want to connect with innovative startup companies like Ognomy through our InvestLocal Financing Programs.”

Launch NY’s latest investment includes $25,000 from its nonprofit seed fund and $50,000 from its for- profit LaunchNY Seed Fund I. Launch NY is dedicated to a robust, diverse, accessible innovation economy through investments, mentoring and high-quality programming. Launch NY has been a key cog in the

emergence of an entrepreneurial ecosystem across Upstate New York, and recently invested in its 100th portfolio company since it began making deals in 2016. Accredited investors can apply here to learn more about Launch NY, its investment programs, and how to get involved.

Rifkin has dedicated his career to improving sleep medicine and founded Ognomy to solve choke points in sleep apnea care. The traditional standard involves in-person sleep observation at a local clinic, which limits access to care even though sleep apnea is an acute and widespread problem. More than 80% of individuals with sleep apnea are undiagnosed and untreated.

Through Ognomy’s telemedicine portal, patients can quickly schedule web-based consultations with physicians and then embark on a personalized treatment plan from home.

The series seed preferred round will support Ognomy’s expansion into the final six states, including growth-oriented investments around distribution, sales and marketing. The company will also be investing in its engineering team with a focus on automation, ensuring an efficient, intuitive and positive customer experience.

Ognomy has 28 employees, including 20 in New York state.

“Throughout this journey, Ognomy has stayed true to our mission of providing high-quality care in telemedicine and online care.” Rifkin said. “By staying highly focused on the patient experience, we’re just scratching the surface of Ognomy’s potential to make a meaningful difference in this important field. There are tens of millions of sleep apnea sufferers in the U.S. and billions across the world, and we’re making progress toward developing a truly great business to serve that market.”

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