iHear Medical Completes $2.5M Round-C Financing Led by Lighthouse Capital -- Minglie Hu Joins Board of Directors
iHear Medical shatters its Indiegogo crowdfunding campaign goal and secures equity financing to launch the world’s first web-enabled hearing aid.
SAN LEANDRO, Calif., May 7, 2014-- iHear Medical announced today the completion of its third round of financing totaling $2.5M to enable iHear Medical complete the development and launch of the world’s first web-enabled hearing aid system. The financing is led by Lighthouse Capital, a Shanghai-based venture capital firm with focus on early stage investments in medical devices and IT. Other participants in the round include early backers of iHear Medical, Aphelion Capital and Highlight Capital.
iHear Medical also welcomed Minglie Hu, founding partner with Lighthouse Capital, to its board of directors. Mr. Hu holds an MBA from UCLA Anderson School of Management. “I am excited to join iHear Medical to help bring its revolutionary hearing solutions to the market in the US and later to the Chinese market,” stated Minglie Hu.
In April of 2014 iHear Medical shattered its Indiegogo crowdfunding campaign goal by almost four-fold raising a total of $248,950 from about 1,000 backers pre-ordering the web-enabled iHEAR HD™ hearing device. “Our products are designed from the ground up for affordability and dispensing more directly to consumers, either at home or mass market retailers,” stated Adnan Shennib, Founded and CEO of iHear Medical. The iHEAR HD is a high quality 100% digital hearing aid worn discretely inside the ear.
Key features of the iHEAR HD include:
• Affordability – Retailing under $200 per hearing aid, saving consumers thousands of dollars
• Self-Adjustment -- iHear's online tools empower consumers to adjust their own hearing aid settings at home
• Discrete -- miniature design fits invisibly inside the ear
• Alternative Distribution Channels – Delivering advanced hearing solutions to consumers at home and in retailing chain stores.
About Hearing Loss
The World Health Organization (WHO) estimates that 5% of the world's population, or approximately 360 million people, suffer from a disabling hearing loss. While 95% of individuals with hearing loss can be successfully treated with hearing aids, less than 10% use them due to persistent barriers including high cost, poor performance and quality, limited access, and the stigma associated with wearing a visible hearing aid.
Recent studies indicate significant rise in hearing loss prevalence due to an aging population, increase in environmental noise, and the use of personal listening devices. Hearing loss is associated with a wide range of social, economic, and health problems caused by communication barriers and reduced access to health care for those suffering from hearing loss.
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. iHear Medical is pioneering web-enabled hearing solutions and was founded by Adnan Shennib who started and led the development of several Silicon Valley firms, including InSound Medical. For more information on iHear Medical, visit: http://www.ihearmedical.com.
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