Eargo, a direct-to-consumer health technology company that is destigmatizing hearing loss through innovation, announced it raised $52 million in Series D funding from existing investors New Enterprise Associates (NEA), the Charles and Helen Schwab Foundation, Nan Fung Life Sciences, and Maveron. And new investor Future Fund also participated in this round.
With this funding round, Eargo is going to accelerate product innovation, increase awareness of hearing loss, and continue enhancing the customer experience while driving growth in the domestic market. Plus Eargo will continue to create and innovate the world’s smallest rechargeable hearing aids at a cost that is lower than standard market offerings.
Eargo’s mission is aiming to revolutionize the hearing aid market ranging from how the devices are made, how they are sold and used, and how customers are supported throughout their entire hearing journey. Plus Eargo is aiming to drive awareness of hearing health and promote accessibility to hearing solutions for everyone. And Eargo is aiming to help millions of people re-engage in life’s experiences whether at home or in the workplace.
“Our goal is to re-invent this industry and give the consumer better and more choices when it comes to their hearing health,” said Eargo CEO Christian Gormsen in a statement. “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.”
Many baby boomers are coming to the realization that hearing loss is natural and happens to many people, but there has not been a brand that specifically focuses on a hearing solution that is complementary to active lifestyles. This is a problem that Eargo is solving.
“Eargo is bringing hearing aids into the 21st Century with a better product that is more accessible for consumers,” added Josh Makower — who is the Chairman of Eargo’s Board of Directors and General Partner at NEA Josh Makower. “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.”
Eargo’s flagship product is known as the Eargo Max — which is an award-winning rechargeable hearing aid that fits discreetly in the customer’s ear and removes the social stigma traditionally associated with hearing aids. It was recently named to TIME Magazine’s Best Inventions of 2018.
And the company’s patented Flexi Fibers is made from soft and medical-grade silicone that allows for a more natural sound experience and amplifies sounds within the customer’s line of sight while reducing surrounding noises.
Last month, Eargo unveiled a new product called Eargo Neo. The Eargo Neo offers a new degree of ultra-comfort and introduces connectivity to Eargo’s product lineup with devices that can be customized remotely and provide more personalized hearing profiles for consumers.