Eargo Secures $52 Million in Funding for Rechargeable Hearing Aids
According to the latest startup news, the American hearing aid manufacturer Eargo is well on its way to becoming the ultimate consumer hearing brand. The direct-to-consumer health tech company recently announced a series D funding round of over a whopping $52 million. Read on to know everything about the exciting new development in the world of tech startups.
The revolutionary hearing aid brand is responsible for engineering, manufacturing, marketing and supporting its own innovative, virtually invisible devices. Its products come in a small charging case akin to AirPods and aim to destigmatize loss of hearing that is prevalent in populations across the world. Eargo is headquartered in San Jose and currently has over 20,000 users. The company prides itself on being the first modern brand that has been designed to enrich the lives of baby boomers experiencing hearing loss.
Eargo is perhaps best known for the Eargo Max, an award-winning rechargeable hearing aid that was recently christened TIME Magazine’s Best Inventions of the Year 2018. With its patented Flexi Fibers designed from medical-grade soft silicone, the product allows for a more natural and open sound experience.
Award-Winning Hearing Aid Products
Making waves in the world of startups, in less than a month after unveiling its latest product the Eargo Neo, the company has secured total funding of $135 million till date.
The newly launched product is part of the manufacturer’s third line of high tech hearing aids. While the Eargo Plus debuted in 2017, the Eargo Max launched the following year. In an interview, the CEO of Eargo, Christian Gomsen stated, “We can see that the product is really making a difference for users. We have the opportunity to really create a leading brand in the consumer hearing health space.”
Grinning from Ear-to-Ear with $52 Million in Funding
It looks like Eargo will continue breaking barriers in health tech and innovation far into the future. The company raised a staggering $52 million in a series D round of funding. Its existing investors included big names such as New Enterprise Associates (NEA), Nan Fung Life Sciences, Maveron, the Charles and Helen Schwab Foundation, as well as a brand new investor from Australia’s sovereign wealth fund, Future Fund.
What the Future Holds for Eargo
With its new investment, the company can use the resources to accelerate product innovation, spread awareness about hearing loss, and also continue its improvement of customer experience in order to drive growth in the domestic market.
Gormsen also stated, “Our goal is to re-invent this industry and give the consumer better and more choices when it comes to their hearing health. At Eargo, we strive to provide hearing solutions that people actually want, which includes best-in-class hearing aids that are invisible, easily accessible, state-of-the-art and supported with ongoing professional care. The backing from great investors gives us the momentum to continue our growth with even more incredible products and experiences in 2019 and beyond.”
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