Earlens Corporation, Inc., a Menlo Park, CA-based medical technology company that has created an innovative hearing aid, announced the first close of its $51m Series C financing.
The round, whose financing proceeds were split between $34m in new capital and $17m conversion of an outstanding bridge financing, was led by Vertex Healthcare with participation from new investors Cochlear Ltd and existing investors New Enterprise Associates, Aisling Capital, Lightstone Ventures and Medtronic. The company expects to complete the financing during the third quarter of 2016 by raising an additional $14 million in support of the commercial launch of its device.
Incorporated in 2005, Earlens Corporation has developed the Earlens Light-Driven Hearing Aid, a hearing device that uses focused light and a small lens resting on the eardrum to transmit sound and allow people with mild to severe sensorineural hearing impairment to understand in noisy environments and participate in group situations.
In late 2015, the FDA cleared a De Novo premarket submission allowing Earlens to market their Light-Driven Hearing Aid.