Earlens said today it closed an $87 million round of financing to help support continued development and a next-gen rollout of its hearing aid technology.
The round was led by newly invested KCK Ltd., and joined by Exor Seets and previously invested Lightstone Ventures, CRG Partners, Windham Life Sciences Partners, Arch Healthcare, Relativity Health Fund, New Enterprise Associates, Aisling Capital, Vertex Global Healthcare, MS Pace LP, Cochlear, Mellon Foundation, Baltisches Haus Limited, GDN Holdings, Sightline Healthcare Opportunity, and Far East Ventures, the Menlo Park, Calif.-based company said.
“Our team of medical experts, engineers and technologists have spent nearly a decade developing and refining this small, highly effective device. We feel confident it can benefit many of the 35 million Americans who have significant hearing loss. To make that happen, we are grateful for the support and feedback of our investors, advisors and early adopters as we continue refining the Earlens system to be the world’s best solution for improving hearing,” prez & CEO Bill Facteau said in a press release.
As part of the funding round, KCK Group managers Nael Kassar, Greg Garfield and Mike Favet will join Earlens’ board of directors, the company said.
“KCK Group believes Earlens has created the most significant advance in hearing aid technology in decades. The dynamic listening range of this unique product is twice as broad as anything in the market. We feel confident it’s game changing and will establish a new, extraordinarily high performance standard for consumers,” KCK Medical Tech Group senior managing director Garfield said in a prepared statement.
“On behalf of the company and existing investors, we are pleased to welcome KCK Group as we continue working on delivering the best clinical and listening experiences to medical professionals, audiologists and their patients,” board chair Tom Prescott said in prepared remarks.
Last June, Earlens said that it closed a total of $118 million in funding, with $73 million coming from an offering of Series C preferred stock and $45 from a structured debt facility with CRG LP.