London-based ear and hearing health assessment system company TympaHealth has raised $23 million in a Series A funding round. The company plans to grow the team size and expand its services in the UK and Continental Europe in tandem with a planned US market entry.
The $23 million Series A round was led by Octopus Ventures and saw the participation of new investors Dara Capital, Rezayat Investments, individual investors Bob Davis and Jeff Leerink, and follow-on investment from existing investors.
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.
To combat this problem, TympaHealth’s platform allows a much broader range of professionals to perform digital otoscopy, microsuction wax removal, and hearing assessments, as evidenced by partnerships with organisations including Walgreen Boots Alliance, Sonova, Day Lewis Pharmacy, Demant (Hidden Hearing), Bupa, and the NHS.
Tympa’s examination is digitally captured in a single hearing health record, which can then be seamlessly shared between patients, providers, and specialists. With this approach, TympaHealth is making ear and hearing health services accessible to more individuals, while at the same time reducing the time and cost associated with unnecessary primary care and hospital visits.
“Our goal is to make ear and hearing healthcare easily accessible to everybody, on a global scale,” commented TympaHealth founder and CEO Dr. Krishan Ramdoo. “Putting the right technology and support into the hands of more healthcare professionals and community providers is the best possible place to start. The Tympa Platform has proven its benefits at every point in the healthcare value chain and with our new funding, we can expand that value to new partners and markets.”