Octopus Ventures led a $23 million series a fundraising round for TympaHealth, a startup in the hearing care industry. New investors Dara Capital and Rezayat investments, as well as angels Bob Davis and Jeff Leerink, also contributed to the round.
Early last year, the London-based startup raised $8 million in preliminary capital.
How TympaHealth works?
Tympa is a smartphone-based, portable device for evaluating hearing health. Clinics and community-based physicians can use the gadget to take high-definition photographs of their patients’ ear canals, clear wax, and do hearing tests.
The company has stated that it will use the Series A capital to build out its operations in the United Kingdom and the rest of Europe. The United States is another target market for Tympa.
The funds will be used to expand TympaHealth into new markets and speed up the development of new products and services. Dr. Krishan Ramdoo, founder and CEO of TympaHealth, said in a statement, “I am excited about what the future holds, and most importantly, our continuous dedication to ear and hearing health, made easy.
Market overview of hearing aid industry
Hearing aids for persons with mild to moderate hearing loss have been available over-the-counter since last year, thanks to a new rule issued by the Food and Drug Administration. Companies specializing in hearing aids and related services have rushed to take advantage of the growing industry.
Yes Hearing, which helps people with hearing loss by providing an online platform and home treatment, raised $10 million in November. The company Lucid Hearing has introduced a new selection of over-the-counter hearing aids.
Late last year, Eargo, a manufacturer of high-tech hearing aids, revealed a change in control of the company. In light of the new FDA regulations, Patient Square Capital asserted that the company was in a strong position for future expansion.
Eargo reported $12.9 million in net revenue for the fourth quarter of 2018, up from $10.1 million in the same period a year earlier. With a $43.8M drop in net worth. Sales to the company’s retail partner Victra drove increases in both revenue and system shipments.
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