Bosses believe that the funding, which is being led by capital-based investment syndicate Archangels, will unlock the market potential of the hearing screening firm’s technology. Other funders in the latest 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 firm currently employs five people and intends to expand the team through the latest investment round. Established by Claudia Freigang (chief executive) and Colin Horne (chief technology officer), the company has used previous funding from Archangels to develop its Audimetroid screening technology and is now ready to take the product to market.
Freigang, 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 the business and bring its product to market.
Niki McKenzie, joint managing director at Archangels, said: “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 that 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.”
According to the World Health Organisation, one in 20 people worldwide experiences some degree of hearing loss.