Originally published by MobiHealthNews on April 28, 2023
Hearing care startup TympaHealth scooped up $23 million in a Series A funding round led by Octopus Ventures.
The raise also included participation from existing investors and newcomers Dara Capital, Rezayat investments and angels Bob Davis and Jeff Leerink.
The London-based company previously raised $8 million in seed funding early last year.
WHAT THEY DO
Tympa offers a portable system that uses a smartphone for hearing health assessments. The company pitches the device as a way for clinics and community-based providers to capture high-definition images of the inside of patients' ears, remove wax and conduct hearing assessments.
The company said that it plans to use the Series A funds to expand its team and services in the U.K and Europe. Tympa also plans to enter the U.S. market.
"The use of proceeds will be used to accelerate development of key products and services as well as allow for growth into other markets. I am excited about what the future holds, and most importantly, our ongoing dedication to ear and hearing health, made easy," Dr. Krishan Ramdoo, founder and CEO of TympaHealth, said in a statement.
MARKET SNAPSHOT
Last year, the FDA established a new rule that allows for the over-the-counter sale of hearing aids to adults with mild-to-moderate hearing loss. A number of hearing aid and hearing health companies have jumped on the newly expanded market.
In November, Yes Hearing, which provides an online platform and at-home treatment for the hearing impaired, scored $10 million. Hearing aid maker Lucid Hearing announced a new line of OTC hearing aids.
Eargo, which makes tech-enabled hearing aids, announced a new majority owner late last year. Patient Square Capital said the company was well positioned for future growth, particularly with the new FDA rules.
Last month, Eargo released its fourth quarter earnings, reporting net revenue of $12.9 million compared with $10.1 million in the fourth quarter of 2021. Net loss was $43.8 million. The company attributed its revenue and system shipment growth to sales to its retail partner Victra.