Nox Health

Nox Health is a global leader in sleep diagnostic technology and value-based sleep care. In 2019 and 2021, our fund AF 1 invested (a total of $13.5 million) in the company after identifying numerous opportunities within the sleep therapy area.

Our investment facilitated the merger between Nox Medical, based in Iceland, and Fusion Sleep, based in the US, resulting in the formation of Nox Health. Under our ownership, Nox Health was able to insource its distribution, accelerate R&D, and acquire new clients such as AT&T.

Despite macro challenges such as the pandemic and supply-chain disruptions, Nox Health achieved 54% revenue growth between 2019 and 2022 with 28% IRR and 2.1x MOIC.