SAN LEANDRO, Calif., Sept. 21, 2017 /PRNewswire/ -- iHear Medical, the leader in direct-to-consumer hearing aid solutions, announced today that it has raised $2.3M in convertible debt financing from a syndicate led by Ameritas Life Insurance Corp., Aphelion Capital, and Lighthouse Capital. The proceeds of the financing will be used to expand sales into major retailers and wholesalers after the passing of the OTC Hearing Aid Act of 2017 into law, building on its highly successful direct sales channels.
iHear Medical also welcomed Michael G. Potter to its Board of Directors. Potter is an experienced executive in the private and public sectors, most recently as Chief Financial Officer with Canadian Solar Inc., one of the world's largest solar companies, and interim CFO with Amber Kinetics, a US-based start-up with an innovative flywheel energy storage system. Potter brings a proven track record of execution with IPO-track teams and with publicly listed companies, with extensive experience in global operations including in China, Singapore, the United States and Canada. "Michael brings deep business and financial experience and we look forward to leveraging his expertise in developing new channels to deliver our low-cost ground-breaking products to the global market," stated Adnan Shennib, Founder and President of iHear Medical.
iHear Medical offers a wide range of innovative hearing products and services, including the only FDA-cleared OTC home hearing test, advanced customized hearing aids for discreet wear, and remote professional support by licensed hearing professionals to serve local communities anywhere with online access.
For more information on becoming a partner or a distributor for iHear Medical please visit www.ihearmedical.com/retail
About Hearing Loss
Hearing loss is a global problem of epidemic proportions with about 5% of the world's population, or approximately 360 million people, suffering from a disabling level of hearing loss, according to the World Health Organization (WHO). The current supply of hearing aids serves less than 10% of global demand with over 90% of the hearing impaired remain untreated due to persistent barriers, including high cost, complex dispensing procedures, and the stigma of visibly worn traditional hearing aids.
Recent studies indicate a significant rise in hearing loss prevalence due to an aging population, an increase in environmental noise, and the use of personal listening devices. Hearing loss is associated with a wide range of social, economic, and health problems caused by communication barriers and reduced access to health care for those suffering from hearing loss.
About iHear Medical, Inc.
iHear Medical is a venture-backed firm dedicated to addressing the global need for affordable and accessible hearing solutions. iHear's products and business models break through the persistent barriers that prevent people with hearing loss from using hearing aids. iHear Medical is pioneering online-based and OTC hearing solutions with over 48 U.S. and international patents issued and pending in its intellectual property portfolio. The cloud-based platform delivers effective hearing solutions at a fraction of the cost of conventional products, bringing the price of customized prescription-quality hearing aids in line with prescription eyeglasses. For more information on iHear Medical, visit: www.ihearmedical.com
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SOURCE iHear Medical