US-based hearing aid developer Earlens Corporation closed a $73m series C preferred stock financing deal yesterday that included medical device producers Medtronic and Cochlear.
Vertex Healthcare, a subsidiary of Singaporean state-owned investment firm Temasek, led the round, which included healthcare-focused investment firm CRG, RK Mellon, Windham Venture Partners, Sightline Partners, New Enterprise Associates (NEA), Aisling Capital and Lightstone Ventures.
In addition to participating in the equity round, CRG will also provide up to $45m for Earlens through a structured debt facility.
Earlens has developed an innovative device called the Earlens Light-Driven Hearing Aid that uses focused light and a small lens to transmit sound to its users. The company claims the product has a greater frequency range than any other hearing aid on the market.
The funding will support commercialisation of the device along with the expansion of Earlens’ production facilities and its research and development activities.
The company had previously raised approximately $51m, according to securities filings. It has not revealed details of earlier funding but said Medtronic, NEA, Aisling Capital and Lightstone Ventures took part in the round, which reached a first close in June 2016, as existing investors.
Bill Facteau, chief executive of Earlens, said: “This investment further confirms Earlens is addressing a real patient need through proprietary, differentiated technology.
“We look forward to expanding our commercial footprint and bringing the Earlens Light Driven Technology to many more patients, their families and loved ones.”