Hearing device developer Eargo said it raised $25 million in a Series B funding round to support its ‘invisible’ in-ear hearing aid and aid Eargo in scaling business operations and accelerating production of products.
The round of financing was led by New Enterprise Associates, Eargo said, though it did not name any other investors for the round.
“Eargo is 1 of the most innovative and fastest-growing consumer medical device manufacturers in Silicon Valley, and its groundbreaking technology is changing the way people think about hearing loss, with the free hearing demonstration people are loving the results. Because Eargo is at the intersection of consumer technology and healthcare, and is poised to disrupt the traditional hearing aid industry, it is the perfect brand to add to our consumer Healthtech portfolio,” NEA GP Dr. Josh Makower said in a press release.
Eargo said its hearing devices are designed to be ‘virtually invisible’, utilizing Flexi Fibers to suspend the device in the ear canal and keep it hidden while leaving the ear canal open to let natural bass sounds pass through.
“Since the launch of our new hearing device earlier this year, we have seen an incredible level of consumer demand and ultimately have been experiencing tremendous growth as a company. We are excited about the expertise that NEA brings to the table as our new investment partner, and together we are strongly positioned to bring innovation in hearing health to the millions who may need a boost but who have remained on the sidelines until now due to cost or stigma,” CEO Raphael Michel said in prepared remarks.
Eargo said its hearing aids last a full day on a single charge and include a small, mobile portable charger. The devices are designed for people living with mild to moderate hearing loss.