Kryo, the parent company of sleep technology brand ChiliSleep, today announced that it has merged with Ebb Therapeutics (“Ebb”) to become a market leader in innovative sleep products and technologies. As part of the transaction, leading global investment firm KKR, Ebb’s largest investor, led a $37 million investment to accelerate the merged company’s growth in the $432 billion global sleep market.

At a time when millions of Americans are struggling with sleep, the combined business brings together two complementary suites of products to help people take better control of their health by improving their sleep. Through core temperature-regulation products and wearable sleep devices, plus future coaching platforms, educational apps, and biofeedback features, ChiliSleep and Ebb provide clinically researched and drug-free sleep therapies to improve sleep quality.

For KKR, the investment is being funded through the firm’s Health Care Strategic Growth Fund, which is focused on investing in high-growth healthcare-related companies for which KKR can be a unique partner in helping reach scale.