iHear Medical shatters crowdfunding goal



iHear Medical has announced that it has shattered its Indiegogo crowdfunding goal three-fold with over 900 backers pre-ordering the world’s first Web-enabled hearing aid. iHear Medical’s ultimate goal is to improve access to hearing aids and to bring the cost of advanced hearing aids in line with the cost of prescription eyeglasses -- about $200.

iHear Medical is founded by Adnan Shennib, a serial entrepreneur who previously founded InSound Medical and created the Lyric hearing device. InSound was acquired by Sonova- Phonak in 2010 in a deal totalling $169 million. “While 95% of individuals with hearing loss can be successfully treated with hearing aids, only 22% currently use them due to persistent barriers,” said Shennib, iHear medical’s CEO. “Obstacles to hearing aid acquisition by potential consumers include high cost, limited access, and the stigma associated with wearing a visible hearing aid. iHear’s invisible hearing device and unique online business model removes the major barriers to hearing aid use.”

The iHEAR HD is a digital hearing aid about the size of a kidney bean. The device is miniaturised so it can be worn discretely inside the ear. Included in the purchase of an iHEAR device is the iHearTest, a USB device to self-administer a hearing test online at home from a PC or Mac. The USB device also programs the iHEAR HD.

The iHEAR HD will be offered starting at $199 for a single hearing aid and $349 for a pair.

Source: iHear