Clearwater Clinical, a provider of medical-grade mobile devices and cloud-based data management solutions for the hearing health industry, today announced it has closed $6m in series A funding.
The round was led by Whitecap Venture Partners, a Toronto-based early stage venture capital fund that invests in high growth companies in Information & Communications Technologies (ICT), Med Tech, and Food Tech.
Whitecap Venture Partners will work closely with Clearwater Clinical on a number of strategic initiatives including product development, go to market programs, and future financing strategy.
BDC Capital Healthcare Venture Fund is also participating significantly in the funding, and along with other investors brings the total capital invested in the company to date to $9.5 million.
Clearwater Clinical will be using the funds to scale the success of its audiology business unit and signature product, SHOEBOX Audiometry, the world's first clinically-validated tablet-based audiometer.
The tablet-based testing platform is deeply integrated with the company's cloud-based data management system which enables customers to derive insights from clinical data and analytics that were previously unavailable on legacy solutions.
Last year, the company saw triple-digit growth in both revenue and unit sales. Customers in a number of industries – including hearing care multinationals, industrial workplace testing, retail and pharmaceuticals – are deploying SHOEBOX Audiometry to scale their audiometry services.
In addition, Clearwater Clinical will continue to promote the expansion of its service offerings, grow its overall sales presence throughout North America, and expand business initiatives into Europe.
"Hearing loss is the world's leading disability, affecting almost 640 million people globally, and yet there has been very little innovation to audiometers in the last 50 years. SHOEBOX Audiometry is satisfying an enormous need in the market by providing a simpler and more cost-effective approach to hearing testing," says Michael Weider, CEO of Clearwater Clinical.
"At Clearwater, we believe that it is possible to leverage the power and portability of software defined diagnostics and tablet technology to revolutionize the hearing health industry and make it possible for every person on the planet to have access to a hearing test."
Through SHOEBOX Audiometry, Clearwater Clinical is transforming the way hearing testing is performed. This highly accurate, yet mobile product is being used to increase early detection of hearing-related conditions.
SHOEBOX Audiometry makes it possible for almost anyone to perform hearing testing in any reasonably quiet environment.
"The global hearing market is ready for disruption and Clearwater is positioned to lead that effort," says Carey Diamond, Partner at Whitecap Venture Partners.
Ottawa-based Clearwater Clinical designs and manufactures innovative medical-grade devices that enable effective, low-cost treatment of common medical conditions.
Co-founded in 2005 by Dr. Matthew Bromwich, an ENT specialist, and led by CEO Michael Weider, the company is combining medical, technical and entrepreneurial expertise to be a leader in the mobile health (mHealth) transformation.