Newark, Calif. hearing aid producer InSound Medical tacked $13 million more onto a fifth round of funding (now totaling $43 million). The tranche came from new investor Stanford Group, in addition to existing contributors, and is likely to be the company’s last fundraising effort, reports VentureWire.
The money will be used to expand commercial sale of its “invisible” Lyric hearing device, which is designed to be insterted directly into the ear canal by a physician. The product launched in beta in January of last year and is currently used by about 1,000 customers. Instead of purchasing a new hearing aid when the old one wears out, patients using the Lyric renew their devices through an annual subscription service.
Previously, the company raised $30 million from the likes of CMEA Ventures, De Novo Ventures, Gund Investments, Johnson & Johnson Development, Psilos and Sightline Partners. Executives told VentureWire that they believe they have enough cash on hand now to grow to profitability.
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