Lively has launched its online audiology platform, which provides hearing tests, hearing aid sales, and ongoing support for its hearing aid clients. Additionally, the company announced the close of its Series A fundraise.
With over 35 million Americans suffering from hearing loss and, depending on age, 70% to 85% of them going untreated, the time is right for Lively to bring audiology into the telemedicine age.
The fundraise was led by Declaration Capital, the family office of David M. Rubenstein, which focuses on venture, growth and family-owned investments. Rubenstein is the co-founder and co-executive chairman of The Carlyle Group. Tiger Management also participated in the round.
Lively offers modern hearing aids, designed and manufactured by one of the world’s leading hearing aid manufacturers, combined with audiologist care for a fraction of the price of traditional brick-and-mortar offices. Users can take Lively’s online hearing assessment, meet with an audiologist face-to-face via video conference, and receive a premium hearing aid – all now possible for the first time without visiting an office. Lively comes with a 100-day money-back guarantee and 2 years of unlimited support from Lively doctors for fine-tuning and hearing aid care.
“Our mission is to increase the number of patients receiving care while allowing audiologists to work in more flexible environments with less overhead,” said Lively CEO, Adam Karp. “The entire Lively team is excited to increase access to hearing care and to help our friends, family, and the millions of people in this country that lack access to hearing aids.” Adam co-founded Lively with Elad Kolet, most recently at Facebook, and Nicole Cadoret, most recently at Blink Health.
Lively was founded out of Redesign Health, a New York-based venture studio focused on building consumer health businesses that improve access and elevate patient experience. “Lively is well positioned to help the large number of people suffering from untreated hearing loss. The ease and affordability they bring to the process of buying hearing aids, coupled with their commitment to work with audiologists throughout the hearing care process, represents a meaningful step in addressing hearing loss in this country,” said Brett Shaheen, CEO of Redesign Health.
As reported by the New York Times, untreated hearing loss increased the risk of developing dementia by 50% and depression by 40% in just five years, when compared to those without hearing loss. In the United States, roughly 80% of those with hearing loss go untreated. The average cost nationally for a pair of hearing aids is more than $5,000.
The Lively offering:
Smart hearing aids that pair with smartphone or tablet. iPhone/iPad users can stream calls and music to Lively hearing devices via Bluetooth.
The Lively mobile app pairs with Lively hearing aids so clients can discreetly control volume and select presets for the office, restaurants, traffic, and other environments.
Hearing aids can be adjusted from home. Clients get hearing consultations and audiologist tunings at home via virtual appointments. Their audiologist will remotely adjust the hearing devices to address any issue.
Hear sound from any direction – The hearing aids work together with the ears’ natural acoustics to enhance clarity, send more sound information to a user’s brain, and improve sound localization.
The hearing aids reduce unwanted background noise, so users can better understand every word.
Source: Company Press Release