Olive Union, a producer of smart hearing aid solutions targeted towards the prevention of hearing loss, announced on 5th April 2021that it has raised US $ 7 million in its Series B funding round. The round was co-led by Japan Finance, Bonds Investment Group and Beyond Next Ventures.
Investors: Japan Finance is a Tokyo, Japan, based public corporation wholly owned by the Japanese government. It was founded in the year 2008 and it provides flexible policy-based financing to small and medium enterprises.
Bonds Investment Group (BIG), on the other hand, is a Tokyo based investment firm that was founded in 2015. It is primarily an early-stage investor that provides financial support to businesses that address social issues or lead industrial innovations. Its portfolio includes companies such as Linkers, Raksul, ADDress and more.
Beyond Next Ventures similarly is a Tokyo based venture capital firm that was founded in the year 2014 by Tsuyoshi Ito. It mainly invests in innovative medical and life-science companies to harness the true potential of motivated entrepreneurs.
Purpose of investments: The current round of investment brings the total funds raised to date by Olive Union to around US $ 17 million. It plans to utilise the funds to enter into new product lines besides its existing hearing aid product and support its next generation of hearing aid technology.
About Olive Union:
Olive Union was founded in the year 2016 by Owen Song as a producer of next-generation hearing aid solutions. It seeks to prevent further hearing loss with its latest technologies and remove the stigma around hearing impairment with its personalised hearing aid solutions.
According to the projection of the World Health Organisation by 2050 nearly 2.5 billion people will have some degree of hearing loss. With the projection already affecting 1.5 billion people today, only a fraction of those affected get proper help. This is mainly due to expensive hearing aids, their inconvenience and the stigma attached to their usage.
What the CEO has to say:
“We started Olive to be the antithesis of an ageing hearing aid industry that lacks innovation, but quickly learned that our biggest challenge was a lack of hearing health education. We’re dedicated to educating the general public in an easy-to-understand way on why they need to take their hearing health as seriously as their vision, heart and gut health.”— Owen Song, founder and CEO of Olive Union.
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