London-headquartered digital health company Oto focused on tinnitus, has raised a $3.3 million seed investment. This raise follows the pre-seed round in December 20221 and the completion of the W22 cohort of the prestigious Y Combinator programme.
The oversubscribed round was led by Octopus Ventures (that invested in Intigriti and Delio) and supported by Goodwater Capital and Y Combinator with additional follow-on funding from Calm Storm Ventures and Bethnal Green Ventures.
Oto intends to use the proceeds of this round to double down on achieving precision product-market fit to accelerate towards profitability by ensuring that its products directly address the needs of what is an incredibly underserved community.
Kamran Adle, an investor at Octopus Ventures, said “For many, Tinnitus is a condition that they have little choice but to ‘learn to live with’. The Oto team, however, refuse to habituate and instead are providing a 10x cheaper and more convenient way to help people manage their condition. Though they probably don’t complain, we all know someone who suffers from tinnitus and have seen the effects it can have on an individual’s life. This is one of the reasons we wanted to support George, Ed and the entire Oto team as they tackle the market and provide an innovative digital solution to a long overlooked issue”.
Oto co-founder Dr. Ed Farrar said, “As a chronic condition that is not well understood and has no known cure, the impact of tinnitus can be far reaching for those affected by it, which makes this raise incredibly important to us. Achieving an oversubscribed round at any time is a huge achievement and something we’re immensely proud of. However, against the backdrop of the investment downturn, founding teams have to be more intentional about how funding is used.”
Supports people with tinnitus
Currently, tinnitus, characterised by ringing in the ears, affects around 50 million people in the US and UK, of which 20 million have intrusive tinnitus, a condition that can severely impact an individual’s life. Founded by Dr Edmund Farrar & Dr George Leidig, Oto is a digital health startup that helps people access evidence-based treatment for overlooked and underserved chronic conditions.
Living with tinnitus is tough. The Oto app teaches how to take control of the ringing using clinically proven techniques. Its mission is to provide instant access to help for anyone with tinnitus. Its first product provides psychological support to anyone with tinnitus. The team developed a unique solution based on their clinical experience and personal experience of the condition. Oto is the first venture-funded digital tinnitus solution.
Its unique, science-backed support programme via mobile app helps manage what can be an incredibly debilitating condition. The mobile app compiles and consolidates the latest therapy techniques to support people to maximise their quality of life with tinnitus. The platform has been built by an expert team of audiologists, doctors, therapists and researchers, who have decades of experience in managing tinnitus behind them.