Lighthouse leads $5m Series C round for hearing aid maker

Japanese electronics firm Brother Industries and Ameritas Holding Company also participated in the round.

Set up in 2009, iHear has now raised $7.8 million to date. Previous investors include Highlight Capital and Aphelion Capital. The start-up makes affordable, web-enabled hearing aids and plans to begin online distribution to US markets by the second quarter of next year.

Part of the new funding will be used to improve distribution and set up an online store. The business will also seek out insurance customers through Ameritas, which will serve as a distribution partner.

"These new alliances will allow iHear to explore advanced manufacturing capabilities and innovative distribution channels," said Adnan Shennib, founder and CEO of iHear Medical.

He added that the company is also getting ready to ship pre-orders received via crowdfunding platform Indiegogo once the device has secured its registration with the US Food and Drug Administration (FDA), which is expected next month. The company plans to enter Asian markets by 2016.

According to a release, there are 40 million Americans who suffer from hearing loss, and this number is expected to increase significantly with an ageing population, an increase in environmental noise, and the use of personal listening devices.

Meanwhile, the World Health Organization (WHO) estimates that 5% of the world's population, or about 360 million people, suffer from a disabling hearing loss. Around 95% of individuals with hearing loss can be treated with hearing aids, yet less than 10% use them due to high cost, poor performance and social stigma.

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• Topics
• Healthcare
• Early-stage
• Venture
• Greater China
• Lighthouse Funds
• healthcare
• Venture
• China