Private hearing technology company Hemideina has closed its $10 million Series A Capital Raise.
The fully subscribed capital raising was managed by Henslow and the company said it will use the funds to build its organisation and progress its technology development program.
Hemideina was founded in 2017 by research scientists Dr Kate Lomas and Dr Elizabeth Williams. They have developed a hearing implant solution inspired by the auditory system of hemideina crassidens, a native New Zealand insect that can hear in the same auditory range as humans.
While the human auditory system is large and complex, the hearing system of the insect is much smaller and simpler by comparison while still enabling a similar hearing range.
The resulting technology is an architectural redesign of the cochlear hearing implant called the Hera Wireless Implant System.
The company said that, unlike current digital hearing devices, the Hera Wireless Implant System uses a new mechanical signal processing system that captures and preserves sound information that aims to deliver a truer, natural sound experience.
It said the main benefits are that the device is miniature, discreet and takes advantage of the ear's natural contours for directionality, improving hearing-in-noise and filters out background or ambient noise.
“We are incredibly proud of the high-calibre work to date, which has contributed to building confidence around our technology with investors and this successful raise,” said CEO Dr Elizabeth Williams
“Our goal is to deliver a paradigm shift in cochlear implant performance to people suffering from severe-to-profound hearing loss and make the world of sound more accessible through our technology.
“Although over 60 million people suffer from hearing loss globally, only one million people have received cochlear implant treatment since its invention about 40 years ago, making this a hugely underserved market.”
“The successful completion of the Company’s technical and commercial goals will result in a significant valuation inflection point for Hemideina providing the Company with multiple strategic options as it progresses to market,” said Hemideina chairman Andrew Maxwell.
Escala Partners, InterValley Ventures and Geoni Capital are major investors that have been added to the share register.
“We are incredibly pleased to have such enthusiastic and supportive investors on board, who share our vision to challenge the status quo, and see the opportunity that Hemideina presents to disrupt the established and large global market with an innovative new approach to hearing device implant technology,” added Dr Williams.
“Based on the significant unmet clinical need, the global aging population and increased prevalence of hearing loss, we’ve observed that investors place a high value on hearing treatment companies and Hemideina should not be an exception to that rule.”