San Leandro, Calif — Hearing device start-up iHear® Medical has completed a second round of financing, totaling $1.8 million. The new funding will enable the company to complete the development of its proprietary devices to treat hearing loss.
iHear Medical is a venture-backed firm incubated by the Center for Medical Device Innovations Inc (CMDI), and founded by Adnan Shennib, the founder of InSound Medical in 1998, where he invented and developed the Lyric® hearing device. Shennib also has over 100 issued and pending patents to date, and early backers of iHear Medical include Aphelion Capital and Highlight Capital.
iHear Medical is focusing on developing novel platform technologies to create paradigm shifts in health care delivery, according to the company. “The new hearing aid technology and distribution strategy are designed to break existing barriers for millions of potential consumers with hearing loss,” stated Shennib, in the press announcement.
The company also announced that Jonathan Leong has been appointed to its board of directors. Leong is the founder of several Bay Area businesses, including commercial insurance firms that serve Pacific Gas & Electricity and the City of San Francisco.
SOURCE: iHear Medical Inc
