Eargo, a San Jose, Calif.-based medical device company on a mission to improve the quality of life of people with hearing loss, closed a $71m equity financing.
The round was led by new co-investors Gilde Healthcare and Longitude Capital, with existing investors New Enterprise Associates (NEA), the Charles and Helen Schwab Foundation, and Nan Fung Life Sciences, also participating in the round. Geoff Pardo of Gilde Healthcare and Juliet Tammenoms Bakker of Longitude Capital will join Eargo’s Board of Directors.
The financing provides Eargo with additional capital to expand commercialization during a period of accelerated consumer demand for its direct-to-consumer hearing loss solution.
Led by Christian Gormsen, President and CEO, Eargo is a medical device company that provides a virtually invisible, rechargeable, completely-in-canal, FDA regulated, exempt Class I device for the treatment of hearing loss. Consumers can purchase online or over the phone and get personalized and convenient consultation and support from licensed hearing professionals via phone, text, email or video chat. The company’s 4th generation product, the Eargo Neo HiFi, was launched in January and features improved capabilities across audio fidelity and bandwidth.