Hearing aid tech company Yes Hearing raises $10 million

New York-based hearing technology and audiology company Yes Hearing, which provides an online platform and home treatment for the hearing impaired, secured $10 million in a Series A funding round led by Blue Heron Capital.

Other participants in the round include Ensemble Innovation Ventures, Primetime Partners, Maccabee Ventures and Gaingels.

WHAT’S THE POINT

The new round of investment will help the company expand its direct-to-consumer operations, accelerate the development of its home care platform and strengthen its market, service and product offerings.

The New York-based company will also add Todd Walrath, CEO of HomeCare.com and ShiftMed, to its board.

“The FDA’s recent decision to allow over-the-counter sales is incredible for awareness and access to hearing aids. We are very happy that more people are getting the hearing aids they need, but hearing care is much more than that. Yes Hearing offers an in-home service that provides the knowledge and guidance needed to increase actual hearing aid use. This leads to long-term health benefits beyond just hearing, including communication, mobility, dementia prevention and more,” Sam Shear, CEO of Yes Hear, say. MobiHealthNews.

MARKET OVERVIEW

The FDA established a new regulatory category that went into effect in October for over-the-counter hearing aids that don’t require a prescription, medical exam, or fitting.

Other companies in the space include Eargo, which launched its sixth-generation hearing aid in January. The updated devices come equipped with “mask mode” to help alleviate the challenges one faces when talking to someone wearing a mask.

Manufacturer of AI-powered hearing aids Audibel offers automatic volume adjustment and drop-detection capabilities, and audio equipment maker Bose lets users adjust, program and control its SoundControl hearing aids directly from a smartphone.

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