Hearing Diagnostics is eyeing commercialisation in the domestic and US markets, following a £1.1m fundraise.
Led by angel syndicate Archangels, the money should help unlock the spatial hearing screening technology’s market potential. Other funders in the raise include Scottish Enterprise through its Scottish Co-Investment Fund.
The Edinburgh-based company's system is designed to make testing for hearing loss easy and reliable out-with a clinical environment.
Previous funding from Archangels was used to develop its Audimetroid screening technology and it is now ready to take the product to market.
Established by chief executive Dr Claudia Freigang and chief technology officer Dr Colin Horne, Hearing Diagnostics currently employs five people and intends to now expand the team.
It is targeting expansion into the UK domestic market through audiology retailers, as well as high street optical chains which are increasingly building audiology capabilities. In the US, changes in regulations have seen the over-the-counter hearing aid market open up, creating commercial opportunities for early movers to capitalise.
Freigang said: “Our mission is to make reliable hearing testing accessible outside of specialist clinics to drive the early diagnosis of hearing loss and to ensure positive patient outcomes.
“There is a global market potential for our accurate Audimetroid hearing screening technology, and with the latest investment round led by Archangels, we can start unlocking that potential.”
To date, Archangels has invested £1.8m in Hearing Diagnostics, across two rounds of investment.
Niki McKenzie, joint managing director at Archangels, added: “Claudia and Colin have built a truly ground-breaking and disruptive technological platform to tackle a global health issue. Hearing Diagnostics market approach with manufacturers and retailers can transform diagnostic pathways.
“This is technology is based on deep scientific research, early feedback from the market has been very positive and we are excited to see how the wider market as commercialisation builds.”
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