US-based hearing aid provider Eargo received more than $52m in series D funding on Tuesday from investors including Nan Fung Life Sciences, a subsidiary of property development group Nan Fung.
The round also included venture capital firms New Enterprise Associates (NEA) and Maveron, the Charles and Helen Schwab Foundation and the Australian government-owned Future Fund.
Eargo produces rechargeable hearing aids that are made from medical-grade silicone and designed to be significantly smaller than traditional devices in the market, making them almost invisible.
The series D funding will be used to further develop the company’s products, bolster its customer service and grow its presence in the US.
Nan Fung Life Sciences had already led the $32.4m first tranche of Eargo’s series C round in late 2017, investing alongside NEA, Maveron and individual investors Charles and Helen Schwab. The round eventually closed at $54.5m in April 2018 according to a securities filing.
The company had previously raised $25m in an NEA-led series B round in December 2015, seven months after closing a $13m series A round led by Maveron and backed by Dolby Family Ventures, Crosslink Capital and Birchmere Ventures.
Montage Ventures, Red Sea Ventures and Peterson Ventures are also listed as existing investors on Eargo’s website.