Australia’s sovereign wealth fund Future Fund has participated in a Series D funding round of over $52 million for California-based healthtech company Eargo, which manufactures hearing aid devices, according to an announcement.
Existing investors New Enterprise Associates, the Charles and Helen Schwab Foundation, Nan Fung Life Sciences and Maveron also participated in the round.
Eargo said it will use proceeds from the round to further accelerate product innovation, increase awareness of hearing loss and drive growth in the domestic market.
Founded in 2015, the company produces virtually invisible hearing aid devices that are rechargeable. Apart from manufacturing the devices, Eargo targets to develop the entire hearing aid industry such as on how the products are sold and supported to the customers throughout their entire journey.
“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.
“The backing from great investors gives us the momentum to continue our growth with even more incredible products and experiences in 2019 and beyond,” said Gormsen.
Its other backers include Dolby Family Ventures, StartX, Silicon Valley venture capitalist Pierre Lamond and former Yahoo chief technology officer Farzad (Zod) Nazem.
The market for hearing aids is estimated to be worth $20 billion.