London-based TympaHealth, an all-in-one ear and hearing healthcare assessment platform, announced on Thursday that it has secured $23M (approximately €21M) in a Series A round of funding led by Octopus Ventures.
The oversubscribed funding round was supported by follow-on investment from existing investors, new investors Dara Capital, Rezayat Investments, and serial entrepreneurs Bob Davis and Jeff Leerink.
Fund utilisation
TympaHealth says it will use the funds to expand access to its tech-enabled hearing assessment and diagnostic solution and grow its team and services in the UK, across Europe, and entering the US.
Dr Krishan Ramdoo, Founder & CEO of TympaHealth, says, “This funding round provides us with the opportunity to expand and solve what is a global problem of hearing loss.”
“We have had a fantastic last year with a significant customer base and to date we have supported over 250,000 patients. The use of proceeds will be used to accelerate the development of key products and services as well as allow for growth into other markets,” adds Ramdoo.
Besides funding, TympaHealth also announced the appointment of industry veteran David Horowitz, formerly of Oticon, as its new US Vice President of Sales.
What does TympaHealth solve?
According to the World Health Organization, unaddressed hearing loss costs the global economy $980B annually due to health sector costs, costs of educational support, loss of productivity, and societal costs.
Hearing loss is also recognised as the single biggest modifiable risk factor for the prevention of dementia and is linked to increased falls and social isolation.
“Our goal is to make ear and hearing healthcare easily accessible to everybody, on a global scale,” says 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,” adds Dr Ramdoo.
All-in-one hearing healthcare assessment
Founded by Dr. Krishan Ramdoo, TympaHealth is the world’s first all-in-one ear and hearing healthcare assessment platform.
The company’s solution allows fully digitised comprehensive ear and hearing health assessments to be performed across both traditional clinical and community-based settings.
The Tympa Platform allows a broader range of professionals to perform digital otoscopy, microsuction wax removal, and hearing assessments.
Tympa’s comprehensive examination is digitally captured in a single hearing health record, which can be shared between patients, providers, and specialists seamlessly.
This not only makes ear and hearing health services more accessible to patients but also reduces the time and cost associated with unnecessary primary care and hospital visits.
TympaHealth says it is CE-marked, FDA-registered, and the only solution of its kind dedicated to the democratisation of ear and hearing healthcare.
What the investor has to say
Joe Stringer, Partner at Octopus Ventures, says “The TympaHealth proposition is a fantastic exemplar for the quality of high growth healthtech and life science businesses we have in the UK. Using a high-quality product and a proposition geared around the consumer, they are reducing the burden of ear and hearing care in an overstretched NHS, while vastly improving patient experience and outcomes.”
“They are building exactly the kind of game-changing business we look to support and they are in a market with huge potential. We couldn’t be happier to be backing them as they seize that potential and democratise ear and hearing healthcare access globally,” adds Stringer.
