Minneapolis, MN, April 14, 2026 (GLOBE NEWSWIRE) — NightWare, Inc. and Exit 156 Capital today jointly announced a strategic investment by Exit 156 in NightWare’s ongoing Series C financing. NightWare is the maker of the only FDA-cleared prescription digital therapeutic indicated for nightmare disorder in adults with post-traumatic stress disorder (PTSD). The partnership unites a Minneapolis-based growth-stage digital health company with a Minneapolis-area investment firm whose expertise spans healthcare services, devices, and technology — deepening a relationship that began with Exit 156 Founding Partner Mike Nathan’s early involvement as a NightWare investor and advisor.
The investment will accelerate NightWare’s national VA Pathfinder Innovation Pilot, scale commercial employer-group insurance pilots with first responder organizations, advance proprietary hardware development, and expand the company’s patient management program toward a recurring revenue model. NightWare’s Series C is being raised at a $10 million pre-money valuation, with $1.4 million already secured and $2.0 million of equity remaining available to qualified investors.
A Partnership Rooted in Mission and Market Conviction
The NightWare-Exit 156 partnership reflects shared conviction about both the severity of the unmet clinical need and the strength of the commercial foundation NightWare has built. Nightmare disorder affects an estimated 71–96% of individuals with PTSD and is independently associated with suicidality, yet most PTSD treatment protocols do not include a device-based intervention specifically targeting nightmares. NightWare addresses this gap with an FDA-cleared, AI-guided wearable system that intervenes during the nightmare cycle — without waking the patient.
For Exit 156, the investment fits squarely within the firm’s focus on healthcare technology companies with defensible market positions and proven management teams. For NightWare, Exit 156 brings not only capital but a network of healthcare operating partners, a flat and decisive investment structure, and two decades of experience building and scaling healthcare companies in the Minneapolis ecosystem.
“Exit 156 doesn’t invest in categories — they invest in people and proof. We have both. This partnership accelerates our path to standard reimbursement coverage in the VA, deeper penetration in first responder markets, and the commercial infrastructure needed to make NightWare the standard of care for nightmare disorder nationwide.”
— Matt Tucker, CEO, NightWare, Inc.
“Mike Nathan’s early belief in NightWare helped set the stage for this partnership. When we looked at the full picture, the clinical evidence, the reimbursement in place, the VA pilot, and a team that knows how to execute, the decision to invest at the Series C level was clear.”
— Josh Robinson, Managing Partner, Exit 156 Capital
NightWare: Clinical Foundation and Commercial Traction
NightWare’s system pairs an Apple Watch with a proprietary AI application that continuously monitors heart rate and movement during sleep, calculates a real-time stress index, and delivers personalized vibrotactile stimulation to interrupt the physiological escalation associated with nightmares — without fully waking the patient. The device is updated and personalized nightly based on prior session data.
In a sham-controlled randomized clinical trial, high-usage patients demonstrated statistically significant improvements in overall sleep quality as measured by the Pittsburgh Sleep Quality Index (PSQI) — the gold-standard instrument in clinical sleep research. The company has achieved De Novo 510(k) FDA clearance and holds Breakthrough Device Designation.
- Patients Served: 2,000+
- Revenue Generated: $7.5M+
- Patient Satisfaction*: 85%+
- Pre-Money Valuation: $10M
*Among patients enrolled in NightWare’s Patient Management Program.
NightWare has generated more than $7.5 million in cumulative revenue with an average selling price of approximately $5,000 per device and a gross margin exceeding 75%. The company is in the process of establishing reimbursement across VA health system, commercial insurance, and direct-pay channels. Its national VA Pathfinder Innovation Pilot — a formal program designed to evaluate emerging technologies for potential system-wide adoption — is currently active at the Pittsburgh VA medical center, with additional sites onboarding in the next 3 months.
Use of Proceeds
- Accelerate and expand the national VA Pathfinder Innovation Pilot across multiple VA medical center sites
- Scale employer-group commercial insurance pilots with fire and police departments to achieve covered-benefit status
- Commercialize the patient management program as a per-patient, per-month recurring revenue service
- Support regulatory submission to the Israel Ministry of Health for international market entry
- File provisional patent application for new intervention pattern increasing accuracy and specificity
The Minneapolis MedTech Connection
Both NightWare and Exit 156 Capital are deeply rooted in the Minneapolis-Minnesota healthcare and technology ecosystem — a region that has produced some of the world’s most significant medtech companies and a growing class of digital health innovators. Exit 156’s founders are graduates of Saint John’s University in Collegeville, Minnesota, and built their careers in the Twin Cities healthcare market. NightWare has grown within and alongside that ecosystem, drawing on the region’s clinical relationships, investor networks, and talent base.
“There is something about how this team has built the company,” said Josh Robinson. “You see a bit of that Minnesota mindset in it. Thoughtful. Grounded in integrity. Focused on long term value, not short-term noise. NightWare reflects that in all the right ways, and this partnership is a natural fit.”
Investor Access
NightWare’s Series C financing remains open to qualified investors. $2.0 million in equity is available at $0.51 per share on a $10 million pre-money valuation. Investors interested in reviewing the opportunity are invited to visit www.fundnightware.com or contact NightWare directly to request data room access and schedule a management meeting.
Investor Inquiry
www.fundnightware.com | matthew [at] nightware.com
About NightWare, Inc.
NightWare, Inc. is a Minneapolis-based digital health company and developer of the only FDA-cleared prescription digital therapeutic indicated for nightmare disorder in adults with post-traumatic stress disorder (PTSD). The NightWare system pairs an Apple Watch with a proprietary AI application to monitor sleep physiology and deliver personalized, non-awakening vibrotactile interventions that disrupt the nightmare cycle. NightWare holds De Novo 510(k) FDA clearance and Breakthrough Device Designation. The company serves patients across VA health system, commercial, and direct-pay channels and is currently executing a national VA Pathfinder Innovation Pilot. NightWare is a prescription device. It is not a standalone therapy for PTSD and should be used in conjunction with clinician-directed care. Individual results may vary. www.nightware.com
About Exit 156 Capital
Exit 156 Capital is an investment firm focused on non-controlling investments in growth-stage companies across healthcare services, devices, and technology. The firm partners with proven management teams building meaningful, durable businesses and looks for opportunities where it can contribute beyond capital.
Founded by operators with deep experience in healthcare and technology, Exit 156 takes a people-first approach and works closely with its portfolio companies on strategy, growth, and execution. The firm invests with a disciplined focus on long-term value creation and seeks to support teams building companies that matter in the markets they serve. exit156.com
Press Inquiries
NightWare Media Contact
Matt Tucker, CEO
matthew [at] nightware.com
https://nightware.com/
https://fundnightware.com/
Exit 156 Capital Media Contact
Josh Robinson, Managing Partner
Josh [at] exit156.com
https://exit156.com/
