iHear Medical, Inc. announced today the closing of $4.1 million in Series C-2 financing. The round was led by Ameritas, iHEAR's partner for marketing and distribution of advanced web-enabled hearing aids. The round also included Aphelion Capital, a California-based venture capital firm with a focus on healthcare innovations, and Lighthouse Capital, a Shanghai-based venture capital firm with a focus on medical devices and IT.
"We are excited to complete this round with this diverse and distinguished group of investors, and look forward to significant expansion and growth in 2017 and beyond," stated Adnan Shennib, founder and CEO of iHear Medical. iHEAR launched its web-enabled hearing products in July 2016 for direct to consumer sales in the United States, and plans to launch in China in Q4 2017.
iHEAR is pioneering advanced hearing solutions at a fraction of the cost of traditional hearing aids, which cost $2,400 on average for a single hearing aid. While 95% of the 360 million individuals around the world with disabling hearing loss can be successfully treated with hearing aids, less than 10% own them due to persistent barriers including overpricing, the stigma of wearing visible hearing devices, and the cumbersome process of accessing hearing care.
iHEAR's online hearing solutions platform saves consumers thousands of dollars by offering comprehensive tools to manage their own hearing care from the convenience of home. iHEAR offers the iHEARHD and iHEARMAX virtually invisible hearing aids for $299, and the iHEARTEST, the first and only FDA-cleared home hearing screener for $49. iHEAR products combine high quality sound and online self-programming, and are backed by professional support and remote programming by licensed hearing professionals.
The financing will enable iHEAR to scale up manufacturing and distribution, and develop next generation wireless products featuring novel Internet of Things (IoT) capabilities. By leveraging Bluetooth Low Energy to connect with smartphones and smart devices, iHEAR intends to make its hearing aids a central part of consumers' increasingly connected lifestyle.
About Ameritas
Ameritas–Ameritas Life Insurance Corp., Ameritas Life Insurance Corp. of New York and affiliated companies – offers a wide range of competitive insurance and financial products and services to individuals, families and businesses, including life insurance; annuities; individual disability income insurance; group dental, vision and hearing insurance; retirement plans; investments; mutual funds; asset management; and public finance. Securities and investment advisory services offered through affiliate Ameritas Investment Corp., member FINRA/SIPC. For more information visit www.ameritas.com.
About iHear Medical, Inc.
iHear Medical is a venture-backed firm dedicated to addressing the global need for affordable and accessible hearing solutions. iHEAR's new products and business models are intended to break through persisting barriers that prevent people with hearing loss from acquiring and using hearing aids. For more information, visit: www.ihearmedical.com.
