Eargo Raises More Than $52 Million in Series D
Posted on March 06, 2019 by Medtech[y] Staff
Eargo announced a Series D funding round of more than $52 million from existing investors New Enterprise Associates (NEA), the Charles and Helen Schwab Foundation, Nan Fung Life Sciences, Maveron and new investor Future Fund, Australia’s sovereign wealth fund.
The company will use the resources from its new investment to further accelerate product innovation, increase awareness of hearing loss and continue to enhance customer experience while driving growth in the domestic market.
Eargo is best known for the Eargo Max, the award-winning rechargeable hearing aid that fits discreetly inside the customer’s ear, removing the social stigmas traditionally associated with hearing aids, which was recently named to TIME Magazine’s Best Inventions of 2018. Eargo’s patented Flexi Fibers, made from soft, medical-grade silicone, allow for a more open, natural sound experience, amplifying sounds within the customer’s line of sight and reduces surrounding noises, enabling people to once again experience life in full, rich sound.
“Our goal is to re-invent this industry and give the consumer better and more choices when it comes to their hearing health,” said Christian Gormsen, CEO of Eargo. “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.”
In February 2019, Eargo unveiled its latest product, Eargo Neo, which represents a crowning achievement in sound technology, a new degree of ultra-comfort and introduces connectivity to Eargo’s product lineup with devices that can be customized remotely to provide more personalized hearing profiles for consumers.
“Eargo is bringing hearing aids into the 21st Century with a better product that is more accessible for consumers,” said Josh Makower, Chairman of Eargo’s Board of Directors and General Partner at NEA. “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.”