Bryte Announces a $20M Strategic Funding Round Led by Tempur Sealy

Rhea-AI Summary

Bryte, Inc. has secured a $20 million strategic investment led by Tempur Sealy International, Inc. (NYSE: TPX). The partnership aims to innovate and develop future products, services, and technology in the restorative sleep sector. Bryte, known for its advanced Restorative Bed™, combines technology and sleep science to enhance sleeper experience. With this investment, Bryte plans to extend its capabilities by integrating its technology into select mattress brands to improve accessibility for consumers.

Positive

• Secured a strategic investment of $20 million from Tempur Sealy.
• Collaboration may lead to innovative product offerings in the sleep technology sector.
• Bryte's Restorative Bed™ is gaining popularity in luxury hotels, enhancing brand visibility.

Negative

• None.

Companies intend to collaborate on future products, services and technology

LOS ALTOS, Calif., July 27, 2022 /PRNewswire/ -- Bryte, Inc., the leader in restorative sleep technology, announced today a $20 million strategic investment round led by Tempur Sealy International, Inc. (NYSE: TPX), the company synonymous with innovation in the mattress industry. Additionally, the two companies intend to collaborate on future products, services, and technology. ARCHina Capital and other existing Bryte investors also participated in the funding round.

"Our mission is to empower lives through restorative sleep, which starts by reaching as many people as possible."

"Our mission is to empower lives through restorative sleep, which starts by reaching as many people as possible, with the most technically advanced products and first-rate services at a complete range of price points. There is simply no company in the world with a more complete and desirable portfolio of brands than Tempur Sealy, and we couldn't be more excited about their investment," said Luke Kelly, CEO, Bryte.

"It has long been clear to us that meaningful innovation improves sleep outcomes for millions of people. With Bryte we have invested in a company that is committed to innovation with an elegant, seamless integrated product that we believe fits our long-term brand strategy. We are excited to form a relationship with their talented team," said Scott Thompson, Tempur Sealy Chairman and CEO.

Bryte is best known for its flagship product The Restorative Bed™, which is popular with celebrities and top CEOs alike, and can be found in the suites of luxury hotels such as Four Seasons Hotel Los Angeles at Beverly Hills, Fairmont Scottsdale Princess, Park Hyatt New York, as well as Rosewood locations, among others. 

Bryte's in-bed technology measures, learns, tests, and applies what each sleeper needs to optimize their restorative sleep through real-time in-bed personalized comfort adjustments and relaxation experiences and services.  Furthermore, the technology is purpose-built as a platform of hardware, software and AI services that can be seamlessly integrated into the product lines of select mattress brands, in service of reaching and benefiting more sleepers, more quickly. 

"We founded Bryte with the vision to integrate the latest technology and sleep science into delightful experiences that truly deliver impactful restorative sleep products & services. With Tempur Sealy, we have an amazing investor that shares our vision.  We are excited to develop technologies and capabilities to lead the industry in creating breakthrough products and experiences together," said Ely Tsern, Co-Founder and CTO of Bryte.

About Bryte
Founded in 2016 in Silicon Valley, Bryte is the Restorative Sleep Technology platform powering the future of sleep through licensing to leading mattress manufacturing partners, supplying hotels and selling direct to consumers. Prior to this round, the company has raised over $30M with investors including ARCHina Capital, 10x Group, Evolution VC Partners and more. For more information, visit Bryte.com

About Tempur Sealy International, Inc.
Tempur Sealy International, Inc. (NYSE: TPX) develops, manufactures, and markets mattresses, foundations, pillows and other products. The Company's products are sold worldwide through third party retailers, its own stores, and online. The Company's brand portfolio includes many highly recognized brands in the industry, including Tempur®, Tempur-Pedic®, Sealy® featuring Posturepedic® Technology, and Stearns & Foster®. World headquarters for Tempur Sealy International is in Lexington, KY. For more information, visit http://www.tempursealy.com or call 800-805-3635.

For more information please contact lindsay@lindsaystevenspr.com

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SOURCE Bryte, Inc.

FAQ

What is the latest investment news for Tempur Sealy (TPX)?

Tempur Sealy led a $20 million strategic investment in Bryte, Inc. for collaborative product development.

How much investment did Bryte receive from Tempur Sealy?

Bryte received a $20 million investment from Tempur Sealy.

What products will Bryte and Tempur Sealy develop together?

Bryte and Tempur Sealy aim to develop innovative products that enhance restorative sleep technology.

When was the investment in Bryte announced?

The investment was announced on July 27, 2022.

What technology does Bryte offer?

Bryte offers in-bed technology that personalizes comfort for optimal restorative sleep.