US-based hearing aid developer Earlens achieved the $51m first close yesterday of a series C round that featured implantable hearing technology producer Cochlear and medical device maker Medtronic.
The round was led by Vertex Healthcare, a member of venture capital fund fund network Vertex Venture which is owned by Singapore’s sovereign wealth fund Temasek. New Enterprise Associates (NEA), Aisling Capital and Lightstone Ventures also took part in the round.
The round included the conversion of $17m in outstanding bridge financing and has a target size of $65m. Earlens expects to raise the additional $14m in the third quarter of 2016.
Founded in 2005, Earlens has created a hearing aid (pictured) that uses light instead of small speakers to transmit sound to the eardrum. The approach means background noise and whistling can be eliminated and the aid can pick up a broader range of frequencies.
The round will support the commercial launch of the device.
Medtronic, NEA, Aisling and Lightstone backed the series C round as existing shareholders, though further details about previous rounds remain largely undisclosed. Earlens had previously raised a total of $51.1m in equity funding and debt financing, according to securities filings.
– Image courtesy of Earlens Corporation, Inc