Hearing Diagnostics is eyeing commercialisation in the domestic and US markets following a £1.1m fundraise
Led by Archangels, the funding will unlock the spatial hearing screening technology’s market potential. Other funders in the raise include Scottish Enterprise through its Scottish Co-Investment Fund.
Hearing Diagnostics’ technology makes testing for hearing loss easy and reliable while being accessible out with a clinical environment. The company currently employs five people and intends to expand the team through the latest investment round.
Hearing Diagnostics was established by Dr Claudia Freigang (CEO) and Dr Colin Horne (CTO) – who both come from a background in hearing research – and has used previous funding from Archangels to develop its Audimetroid screening technology and is now ready to take the product to market.
According to the World Health Organisation (WHO), one in 20 people worldwide experiences some degree of hearing loss. On average, individuals with hearing loss leave their hearing loss unmanaged for 10 years, and in the UK alone, 86% of affected individuals do not receive care for their symptoms. Unmanaged hearing loss can have severe consequences including social isolation, cognitive decline and an increased risk of dementia.
Hearing Diagnostics 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 United States, changes in regulations have seen the over-the-counter hearing aid market open up, creating significant commercial opportunities for early movers to capitalise.
Dr Claudia Freigang, co-founder of Hearing Diagnostics and a winner at the Women’s Enterprise Scotland Awards 2022, said: “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.
“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 technology, across two rounds of investment to support the development of Hearing Diagnostics and bring its product to market.
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. We understood the potential commercial opportunity early in the development phase and we’re pleased to continue our support into the next chapter of Hearing Diagnostics.
“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.”