Health tech company Eargo which makes consumer-driven innovative products in order to help in destigmatize hearing loss has confirmed picking up $52 million in fresh funding from new as well as existing backers. Australia’s sovereign wealth fund Future Fund along with the existing backers, NEA, the Charles and Helen Schwab Foundation, Nan Fung Life Sciences and Maveron participated in the fresh financing which takes the total capital raised by the company to $135.6 million.
Founded in 2013 by Daniel Shen, Florent Michel, and Raphael Michel, the company intends to use the latest financing to continue working on new innovative products. The company has already launched three high-tech hearing products called Eargo Plus, Eargo Max and Eargo Neo.
Christian Gormsen, the CEO of Eargo talking about getting the fresh investment and their aim with the firm said, “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.”
NEA general partner Josh Makower who also sits on the board of director of Eargo commenting about the company said, “Eargo is bringing hearing aids into the 21st Century with a better product that is more accessible for consumers. We’re excited about Eargo’s rapid commercial momentum and are proud to see how many people’s lives we’re improving who might have never considered purchasing a hearing aid before.”
Image Courtesy : eargo