Recently, Eartech, a manufacturer of smart hearing aids, has received tens of millions of yuan in pre-A financing, with investors such as Qingsong Fund, Xiaomi Ventures, Shunwei Capital and Huaxin Capital. Zhicheng Capital served as a financing consultant.
Eartech is a medical device company dedicated to the development of intelligent hearing tests and hearing aid systems. The company was established on July 21, 2017, with a registered capital of 1,492,900 yuan. The legal representative of the company is Chen Fei.
Su Wei, founding partner of the Qingsong Fund, said the number of hearing impaired people in China is increasing, but the hearing aid market is far below expectations. The main reason is that imported hearing aids are expensive and depend on offline stores for testing. However, another type of inexpensive hearing aid has a poor user experience and a higher return rate.
Eartech, led by renowned experts from Tsinghua University, Tsinghua University Research Institute in Shenzhen and Tianjin University, benefits hundreds of millions of hearing impaired people.
With the vision of âletting their loved ones hearâ, Eartech allows users to perform an online listening test themselves via the company’s smartphone application. Users can then purchase suitable devices both online and offline. Currently, Eartech’s hearing aids are priced between 1,000 and 5,000 yuan.
According to the WHO World Hearing Report 2021, more than 1.5 billion people worldwide have varying degrees of hearing loss, of which around 430 million are in need of treatment. In China alone, around 100 million of these people need professional treatment.
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The scale of the Chinese medical device market has maintained steady growth in recent years. According to data from iiMedia Research, the overall size of the medical device market in China increased from 255.6 billion yuan in 2014 to 530.4 billion yuan in 2018, with an average annual growth rate of about 20%. . It is estimated that its market size will exceed 900 billion yuan by 2022.