23 January 2017 - - US-based hearing aid provider iHear Medical, Inc. has closed USD 4.1m in Series C-2 financing, the company said.

The round was led by insurer Ameritas, iHEAR's partner for marketing and distribution of advanced web-enabled hearing aids.

This round also included Aphelion Capital, a California-based venture capital firm with a focus on healthcare innovations, and Lighthouse Capital, a Shanghai-based venture capital firm with a focus on medical devices and IT.

iHEAR launched its web-enabled hearing products in July 2016 for direct to consumer sales in the United States, and plans to launch in China in 4Q17.

The company said it is pioneering advanced hearing solutions at a fraction of the cost of traditional hearing aids, which cost USD 2,400 on average for a single hearing aid.

While 95% of the 360m individuals around the world with disabling hearing loss can be successfully treated with hearing aids, less than 10% own them due to persistent barriers including overpricing, the stigma of wearing visible hearing devices, and the cumbersome process of accessing hearing care.

iHEAR's online hearing solutions platform saves consumers thousands of dollars by offering tools to manage their hearing care from home.

The company offers the iHEARHD and iHEARMAX virtually invisible hearing aids for USD 299, and the iHEARTEST, the first and only FDA-cleared home hearing screener for USD 49.