TympaHealth has secured $23 million in Series A funding to develop its ground-breaking ear and hearing health assessment platform. The round was led by Octopus Ventures, who were joined by Dara Capital, Rezayat Investments and entrepreneurs Bob Davis and Jeff Leerink. The funding will enable TympaHealth to further scale their business, releasing pressure within the NHS, as well as supporting expansion into the US market.
Although ear health is usually assessed by a range of different specialists, depending on the symptoms, the Tympa platform widens the group who can conduct comprehensive assessments. With a fully digitised platform, assessments can be conducted in a wider range of clinical and community settings, with the results quickly and easily shared with patients and specialists. It will speed up diagnosis and treatment, while adding convenience for the patient and those who work with them. Joe Stringer, Partner at Octopus Ventures, said, “They are building exactly the kind of game-changing business we look to support, and they are in a market with huge potential.”
An end to problems suffered in silence
Hearing problems are often unaddressed, with those suffering from them tolerating or adapting to the symptoms rather than seeking help. The World Health Organization estimates that, globally, hearing problems cost the economy nearly $1 trillion every year. In the UK, one-quarter of patients who see their GP about hearing concerns either do not get an onward referral or drop out during treatment. But the issues may extend even further, hearing loss has been identified as a risk factor in dementia, and is linked to wider issues like falls and social isolation.
By making it easier to offer ear and hearing assessments, healthcare providers can start to address these problems, says TympaHealth’s founder and CEO, Dr Krishan Ramdoo. “Putting the right technology and support into the hands of more healthcare professionals and community providers is the best possible place to start,” says Ramdoo. “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.”
Powering more assessments, for more people
The Tympa Platform means that a single assessment can cover everything from being a hearing assessment, an examination before micro suction wax removal, or even digital otoscopy to help identify problems. The results can be seamlessly shared with consultants and specialists, meaning that patients don’t face a wait for assessment only to have another wait for treatment.
Ramdoo has already seen the benefits, and is excited to offer them to more people. The funding will be used to grow the team and continue expansion within the UK and Europe, as well as entering the US market. “We have supported more than 250,000 patients,” says Ramdoo, “I am excited about what the future holds, and most importantly, our ongoing dedication to ear and hearing health, made easy.”
