UK-based medical equipment supplier TympaHealth has raised $23m in a Series A funding round to expand its tech-enabled hearing assessment and diagnostic solution.

Led by Octopus Ventures, the financing round also saw investment from existing investors, along with new investors Dara Capital, Rezayat Investments, Bob Davis and Jeff Leerink.

Tympa intends to use the funding to expand its team and services in the UK, across Europe and enter the US market.

The company has appointed David Horowitz as its new US vice president for sales, who previously worked for Danish hearing aid manufacturer Oticon.

Octopus Ventures partner Joe Stringer said: “The TympaHealth proposition is a fantastic exemplar for the quality of high growth healthtech and life science businesses we have in the UK.

“Using a high-quality product and a proposition geared around the consumer, they are reducing the burden of ear and hearing care in an overstretched NHS, while vastly improving patient experience and outcomes.

“They are building exactly the kind of game-changing business we look to support, and they are in a market with huge potential. We couldn’t be happier to be backing them as they seize that potential and democratise ear and hearing healthcare access globally.”

TympaHealth offers a CE mark-approved, FDA-registered hearing solution that will enable fully digitised ear and hearing health assessment across traditional clinical and community settings.

The company’s platform allows a wide range of professionals to perform digital otoscopy, micro-suction wax removal, and hearing assessments.

It digitally captures the complete examination in a single hearing health record and shares the information with patients, providers, and specialists.

Furthermore, Tympa has partnered with providers including Walgreen Boots Alliance, Sonova, Day Lewis Pharmacy, Demant, Bupa, and the NHS.

Tympa Health founder and CEO Dr Krishan Ramdoo said: “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.”

“This funding round provides us with the opportunity to expand and solve what is a global problem of hearing loss. We are very excited to be working with Octopus Ventures as we look to scale.

“The use of proceeds will be used to accelerate the development of key products and services as well as allow for growth into other markets. I am excited about what the future holds, and most importantly, our ongoing dedication to ear and hearing health, made easy.”