iHear Medical, Inc. announced today the expansion of its third round of financing to $5M. The participants in this round included Brother Industries (Japan) and Ameritas Holding Company. The C-round was led earlier by Lighthouse Capital, a Shanghai-based venture capital firm with a focus on early stage investments in medical devices and IT.
'We are excited to have Brother and Ameritas join our diverse and distinguished group of investors. These new alliances will allow iHear to explore advanced manufacturing capabilities and innovative distribution channels,' stated Adnan Shennib, founder and CEO of iHear Medical. iHear's web-enabled hearing products are planned for online distribution in Q2 of 2015 for US markets, after fulfilling existing pre-orders from the company's successful 2014 Indiegogo campaign.
iHear is dedicated to developing and delivering technologically advanced hearing solutions directly to consumers at a fraction of the cost of traditional hearing aids. In the US alone, there are over 40 million Americans who suffer from hearing loss, and while the vast majority can be successfully treated with a hearing device, only 22% currently use them. 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 Brother
Brother Industries is a premier provider of products for the home, home office and office. Headquartered in Nagoya, Japan, the company is known for an award-winning line of products that include Multi-Function Center® machines, printers, and sewing machines. Brother also provides the number-one line of facsimile machines in the U.S. and is the leader in electronic labeling. For more information, visit http://www.brother.com.
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. Backed by a foundation of financial strength, these products and services include 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 http://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. 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