Edinburgh-based healthtech startup Hearing Diagnostics has raised £1.1 million as it aims to expand commercial efforts in both the UK and the US. As opposed to traditional hearing tests, Hearing Diagnostics is employing a spatially-localised method and monitors patient head movements to determine which sounds are actually heard.
Hearing Diagnostics’ £1.1 million round was led by angel investment syndicate Archangels and saw the participation of Scottish Enterprise through its Scottish Co-Investment Fund.
According to the World Health Organisation, by 2050 nearly 2.5 billion people are projected to have some degree of hearing loss and that unaddressed hearing loss costs the global economy $980 billion annually due to health sector costs (excluding the cost of hearing devices), costs of educational support, loss of productivity and societal costs. According to Hearing Diagnostics, in the UK alone, 86% of individuals with some form of hearing loss receive little to no care for the condition.
“Hearing loss usually advances slowly and unnoticeably and has severe consequences if left unmanaged. 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,” explained Hearing Diagnostics’ co-founder Dr. Claudia Freigang.
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