According to the German company that currently markets Ajungilak brand sleeping bags, it is an Inuktitut Word meaning "schlaf wohl" (sleep well) or "wohlfühlen" (to feel well, in general). This suggests that they themselves aren't really sure what it means, or weren't sure a century-plus ago when the brand name was created.
With that many syllables, it looks like a root Word plus one or more affixes. The Word ajungi by itself translates with a range of meanings from "good-looking" to "well done!" to "able to take care of yourself". Think "okay". I don't know where they get the "sleep" part.
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