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hearX secures undisclosed investment amount from Futuregrowth
Amrish Narrandes, Head of Unlisted Equity Transactions at Futuregrowth comments on the investment made into a local medtech disruptor.
“Our investment in HearX shows we remain committed to backing entrepreneurs that are creating proudly South African products, services and IP, and taking them to the rest of the world, thus raising the South African flag high. What we particularly liked about hearX is that it met and far exceeded these criteria. hearX has developed world-class solutions in South Africa and is now selling these solutions to almost 40 countries.”
Founded in 2016 and based in Pretoria, the hearX group has developed several innovative and high-tech solutions to hearing loss prevention, detection, diagnosis, and management.
hearX aims to provide affordable and accessible hearing healthcare solutions via its world-first smartphone technology. With the base of the business product built using smartphone technology, hearX patented technology enables it to provide accurate, reliable, time-efficient, quality, and cost-effective hearing healthcare solutions. Its product offering is accessible to users via their smartphone.
In addition, the innovative medtech startup has developed a hearing care solution that includes a hearing aid titled the Lexie Lumen.
Although it is an early-stage startup, hearX has garnered global clientele due to its unique and high-quality product offering as its product is reportedly used in over 68 countries across the world.
Nic Klopper, CEO of hearX provides insight into the aims of the medtech startup.
“Our team is hard at work to make healthy hearing a very realistic, very affordable option for people with hearing loss around the world. Thanks to investors like Futuregrowth Asset Management, we are fast making this a reality.”
The local medtech startup recently launched a new hearing aid product titled Lexie Hearing in the US market. Lexie Hearing aims to provide affordable and accessible hearing aids to individuals who have “disabling hearing loss”.
Klopper provides insight into the newly launched product.
“The Lexie Hearing offering revolutionises access to affordable hearing care in the US. We are introducing novel concepts like remote access to hearing experts, hearing aids that are personalised and programmed from the comfort of the wearer’s home, and the Lexie Rewards programme that puts money back in customers’ pockets. Best of all, we have been able to offer our customers all this at a fraction of traditional prices for hearing aids, giving people with hearing difficulties a fresh new take on hearing care.”
The product is expected to boom in the US due to the passing of the over-the-counter hearing aid legislation.
Featured image: hearX, Facebook