April 27, 2023, London and Miami, Florida – To increase accessibility to its technologically advanced hearing testing and diagnostic service, TympaHealth has raised USD 23M in Series A funding led by Octopus Ventures.
Using conventional and community-based clinical settings, Tympa’s ground-breaking system enables the performance of fully digitalized thorough ear and hearing health exams. Tympa facilitates early disease detection by developing a solution that extends ENT knowledge to community settings and improves cost-effective access to care. TympaHealth is the only product devoted to the democratization of ear and hearing healthcare. It is FDA-registered and CE-marked.
According to the World Health Organisation, untreated hearing loss costs the global economy USD 980 billion annually in healthcare expenses, educational support expenditures, lost productivity, and societal costs. In the UK, more than 25% of adults who visit their primary care physician with hearing issues are either not referred to the National Health Service’s hearing services or discontinue care throughout the treatment and diagnosis process due to the broken down health pathways.
Since COVID-19, this issue has become more complicated, with treatment wait times in the UK sometimes exceeding a year. Similar problems are present in the US healthcare system due to the 14% of Americans who experience hearing loss. In addition to being connected to more frequent falls and social isolation, hearing loss is acknowledged as the single most modifiable risk factor for dementia prevention.
Dr. Krishan Ramdoo, founder and CEO of TympaHealth, stated, “Our goal is to make ear and hearing healthcare easily accessible to everyone globally.” The most excellent way to start is by giving more healthcare professionals and community service providers access to the appropriate technology and assistance. With our additional funding, we can extend the benefits of the Tympa Platform to new partners and markets, as they have been demonstrated at every stage of the healthcare value chain.
A considerably more comprehensive spectrum of experts may do digital otoscopy, micro suction wax removal, and hearing evaluations thanks to the Tympa Platform. Tympa’s thorough examination is digitally documented in a single hearing health record that can be easily shared between patients, healthcare professionals, and experts. TympaHealth not only improves patient access to ear and hearing healthcare services but also cuts down on the time and expense of pointless primary care and hospital visits.
To provide care through its platform, TympaHealth has solid relationships with several providers in the UK, including Walgreen Boots Alliance, Sonova, Day Lewis Pharmacy, Demant (Hidden Hearing), Bupa, and the NHS.
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