SAN JOSE — Eargo, a consumer health tech company focusing on hearing loss, 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 new investment to accelerate product innovation, increase awareness of hearing loss and continue to enhance customer experience while driving growth in the domestic market.
Eargo develops the world’s smallest, virtually invisible, rechargeable hearing aids at a reduced cost compared to standard market offerings. Eargo’s mission is to change everything about the hearing aid industry, from how the devices are made, sold and used to how customers are supported throughout their entire hearing journey. The company aims to drive awareness of hearing health and promote accessibility to hearing solutions for all.
As the first modern brand designed to enrich the lives of baby boomers with hearing loss, Eargo’s end goal is to help millions of people re-engage in life’s experiences. Whether at home or in the workplace, Eargo empowers people to experience life in full, rich sound with a solution that challenges the stereotypes traditionally associated with aging.
“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.”
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.
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.