Hearing device developer Eargo said it has raised more than $52 million from existing investors and one new one.
The Mountain View, Calif.-based company said it will use the money for product innovation, to increase awareness of hearing loss and improve customer experience while expanding its domestic market.
Existing investors who contributed to the Series D round included New Enterprise Associates, the Charles and Helen Schwab Foundation, Nan Fung Life Sciences, and Maveron. Future Fund, Australia’s sovereign wealth fund, invested in Eargo for the first time.
The audio hardware company is developing hearing devices that are designed to be “virtually invisible,” with silicone-based fibers to anchor the device in the ear canal while leaving it open for natural bass sounds to pass through.
Eargo unveiled its latest product, Eargo Neo, in February, adding connectivity so its devices can be customized remotely.
“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 prepared 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.”