iHear Medical, a San Leandro, CA-based provider of direct-to-consumer hearing aid solutions, raised $2.3M in convertible debt financing.
The round was led by a syndicate led by Ameritas Life Insurance Corp., Aphelion Capital, and Lighthouse Capital.
The proceeds of the financing will be used to expand sales into major retailers and wholesalers after the passing of the OTC Hearing Aid Act of 2017 into law, building on its direct sales channels.
Led by Adnan Shennib, Founder and President, iHear Medical offers a wide range of innovative hearing products and services, including an FDA-cleared OTC home hearing test, advanced customized hearing aids for discreet wear, and remote professional support by licensed hearing professionals to serve local communities anywhere with online access.
In addition to the funding, Michael G. Potter, an experienced executive in the private and public sectors, most recently as Chief Financial Officer with Canadian Solar Inc., one of the world’s largest solar companies, and interim CFO with Amber Kinetics, a US-based start-up with an innovative flywheel energy storage system, joined iHear Medical’s Board of Directors.