TympaHealth, a startup building a digital solution to treat hearing issues, has raised $23m (£18.5m) in a round led by Octopus Ventures.
The London-based startup’s digitised ear and hearing health assessments can be used to support clinicians across a variety of ear, nose and throat (ENT) processes, including otoscopies, micro-suction wax removal and general hearing tests.
TympaHealth has partnered with various ENT service providers such as Walgreen Boots Alliance, Sonova, Day Lewis Pharmacy, Demant (Hidden Hearing), Bupa and the NHS.
The company will put its new funding towards growing its team in the UK and Europe and entering the US market.
TympaHealth’s US ambitions have been bolstered by the American Food and Drug Administration (FDA) recently approving the sale of over-the-counter hearing devices.
“Our goal is to make ear and hearing healthcare easily accessible to everybody, on a global scale,” said Dr Krishan Ramdoo, founder and CEO of TympaHealth.
“Putting the right technology and support into the hands of more healthcare professionals and community providers is the best possible place to start.
“The Tympa Platform has proven its benefits at every point in the healthcare value chain and with our new funding, we can expand that value to new partners and markets.”
Octopus Ventures was joined by Dara Capital, Rezayat Investments, and several angel investors in the Series A round.
“The TympaHealth proposition is a fantastic exemplar for the quality of high growth health tech and life science businesses we have in the UK,” said Joe Stringer, a partner at Octopus Ventures.
“Using a high-quality product and a proposition geared around the consumer, they are reducing the burden of ear and hearing care in an overstretched NHS, while vastly improving patient experience and outcomes.”
TympaHealth’s Series A follows an $8m (£6.4m) seed round back in February 2022.