
EarLens said it raised some $36 million in an equity round for the hearing aid technology it’s developing that uses infrared rather than sound waves.
The Redwood City, Calif.-based company, which is led by a former Abbott Vascular honcho, said 22 unnamed investors had participated in the round as of Feb. 24. EarLens is hoping to raise a total of $38.8 million, according to a regulatory filing.
Medtronic (NYSE:MDT) has a stake in EarLens, according to its website, having participated in a Series A funding round. The 1st sale in the current round occurred Feb. 14, according to the filing.
EarLens is led by William Facteau, the former general manager of Abbott Vascular’s endovascular business, according to the EarLens site. Prior to joining EarLens as chairman, president & CEO in November 2013, Facteau was president of Acclarent, which Johnson & Johnson‘s (NYSE:JNJ) Ethicon divison bought for $785 million in 2010.
Chris Walker contributed to this report.