Owlet Baby Care, which offers a "connected nursery ecosystem," has announced its merger with Sandbridge Acquisition Corporation, a special purpose acquisition company.
The deal will bring $325 million to the combined company, which will primarily fuel an expansion into the growing telehealth industry.
"Owlet's really sitting at the intersection of two massive trends: the consumerization of healthcare technology and the digitization of professional services," Kurt Workman, CEO of Owlet, told Cheddar.
Owlet's anchor product is the Smart Sock, which collects data such as heart rate, oxygen, skin temperature, and sleep quality from infants while they're sleeping. Parents can then see that information each morning in the form of sleep reports.
The growth potential of innovating in infant-care and health management is what attracted Sandbridge to the company.
"When we look at brands for Sandbridge, we always look at disruption," said Ken Suslow, chairman and CEO of Sandbridge Acquisition Corporation.
"In this case, it was really obvious that when we looked at Owlet that this was a high-growth brand that was disrupting the nursery, an area that's had no disruption for decades."
Suslow noted that the core business has also been growing at 50 percent a year.
The company's long-term goal is to employ products such as its BabySat, an infant pulse oximeter, for babies with health conditions, that has not yet received FDA approval, and an over-the-counter version of the Smart Sock in telehealth screenings.
Suslow added that the capital will help hire new engineering talent and pay for marketing.
Seth Schachner, Managing Director at Strat Americas, talks Disney's taking control of Hulu, Warner Bros. and Discovery's split and how if affects the viewers.
The Tony Awards on Sunday lured 4.85 million viewers to CBS, its largest broadcast audience in six years. CBS says Monday that Nielsen data shows the telecast — hosted by “Wicked” star Cynthia Erivo — scored a 38% increase over last year’s 3.53 million viewers. That’s the largest audience for the Tonys since 2019, when the telecast that year nabbed 5.4 million viewers and “Hadestown” was crowned best new musical. The latest version also had to compete with the second game of the NBA Finals, between the Thunder and Pacers,
After stumbling out of the starting gate in Big Tech’s pivotal race to capitalize on artificial intelligence, Apple tried to regain its footing Monday during a developers conference that focused mostly on incremental advances and cosmetic changes in its technology.
