Hearing device developer Eargo said it has raised more than $52 million in a Series D funding round from existing investors New Enterprise Associates (NEA), the Charles and Helen Schwab Foundation, Nan Fung Life Sciences, Maveron and new investor Future Fund, Australia’s sovereign wealth fund.
The money will be used to further accelerate product innovation, increase awareness of hearing loss and continue to enhance customer experience while driving growth in the domestic market, Eargo said in a press release.
The Mountain View, CA-based company continues to create hearing devices that are designed to be “virtually invisible,” with silicone-based fibers to anchor the device in the ear canal while leaving it open for natural bass sounds to pass through. Eargo’s mission is to change everything about the hearing aid industry, from how the devices are made, sold and used to how customers are supported throughout their entire hearing journey. The company aims to drive awareness of hearing health and promote accessibility to hearing solutions for all.
In January, Eargo unveiled its latest product, Eargo Neo, at the CES 2019 in Las Vegas.
Eargo’s end goal is to help millions of people with hearing loss get back to enjoying life’s experiences. Whether at home or in the workplace, Eargo empowers people to experience life in full, rich sound with a solution that challenges the stereotypes traditionally associated with aging.
“Our goal is to re-invent this industry and give the consumer better and more choices when it comes to their hearing health,” said Christian Gormsen, CEO of Eargo. “At Eargo, we strive to provide hearing solutions that people actually want, which includes best-in-class hearing aids that are invisible, easily accessible, state-of-the art and supported with ongoing professional care. The backing from great investors gives us the momentum to continue our growth with even more incredible products and experiences in 2019 and beyond.”