Eargo received the investment from existing investors New Enterprise Associates (NEA), the Charles and Helen Schwab Foundation, Nan Fung Life Sciences, Maveron and new investor Future Fund, Australia’s sovereign wealth fund.

The company aims to use the money to further accelerate its product innovation, increase awareness about hearing loss and to continue enhancing customer experience while achieving growth the in domestic market.

Eargo develops which are claimed to be the smallest, virtually invisible, rechargeable hearing aids at lower costs compared to standard market offerings.

The company seeks to change everything about the hearing aid industry, from how the devices are made, sold and used to how customers are supported throughout their entire hearing journey.

As a company established to improve lives of baby boomers with hearing loss, Eargo’s goal is to help millions of people to re-engage with life.

The company is known for its Eargo Max, which is a rechargeable hearing aid device that fits discreetly inside the customer’s ear, removing the social stigmas traditionally associated with hearing aids.

Eargo CEO Christian Gormsen said: “Our goal is to re-invent this industry and give the consumer better and more choices when it comes to their hearing health. At Eargo, we strive to provide hearing solutions that people actually want, which includes best-in-class hearing aids that are invisible, easily accessible, state-of-the art and supported with ongoing professional care.

“The backing from great investors gives us the momentum to continue our growth with even more incredible products and experiences in 2019 and beyond.”

By offering consumers a new way to satisfy their hearing needs at their convenience, the company claims to disrupt the $20bn hearing aid industry, which is dominated by intermediaries that haven’t adopted many of today’s technological advances, nor considered shifting buying habits and expectations.

Eargo board of directors chairman and NEA general partner Josh Makower said: “Eargo is bringing hearing aids into the 21st Century with a better product that is more accessible for consumers. We’re excited about Eargo’s rapid commercial momentum and are proud to see how many people’s lives we’re improving who might have never considered purchasing a hearing aid before.”