Clearwater Clinical said today that it raised a $6 million Series A round for its Shoebox tablet-based audiometer, taking its total raise to nearly $10 million.
The round was led by Toronto’s Whitecap Venture Partners, with participation from BDC Capital Healthcare Venture Fund. Clearwater said it plans to work closely with Whitecap on product development, go-to-market programs and “future financing strategy.” The Ottawa-based company said it’s raised $9.5 million so far.
The proceeds are earmarked for scaling the Shoebox business, which Clearwater claims is the 1st “clinically validated” tablet audiometer, and for promoting its service offerings and boosting its footprint in North America and Europe.
“Hearing loss is the world’s leading disability, affecting almost 640 million people globally, and yet there has been very little innovation to audiometers in the last 50 years. Shoebox audiometry is satisfying an enormous need in the market by providing a simpler and more cost-effective approach to hearing testing,” CEO Michael Weider said in prepared remarks. “At Clearwater, we believe that it is possible to leverage the power and portability of software defined diagnostics and tablet technology to revolutionize the hearing health industry and make it possible for every person on the planet to have access to a hearing test.”
“The global hearing market is ready for disruption and Clearwater is positioned to lead that effort,” added Whitecap partner Carey Diamond. “Under the leadership of accomplished entrepreneurs, Clearwater is blazing a trail with its novel approach to hearing testing. With this latest injection of funding, we anticipate Clearwater will continue to be a major innovator in this emerging space.”
“The current audiology infrastructure is inadequate to meet the needs of the incoming wave of an aging population and hearing damage from ubiquitous personal devices,” BDC principal Amine Benmoussa said. “The innovations incorporated into the Shoebox platform give Clearwater a clear advantage in this market and in potential new markets. Clearwater represents an excellent example of the Healthcare Fund’s investment strategy. As an early investor, we have been impressed with the company’s success so far and we look forward to supporting the team as they grow.”