Hearing loss is a natural part of the aging process. Whether you spent your younger years reading books in a quiet library or following Metallica around the country, your ears are going to betray you no matter what you do. Fortunately, technology has advanced enough to make these problems a little less burdensome. And one startup is making some serious movies to make hearing loss a thing of the past.
Eversound, the smart audio technology provider for older adults, has announced the closing of a seed round to the tune of $3 million from such notable venture capital firms as Shelter Group, Red Bear Angels, and 10X Ventures. This funding will go towards an expansion that will see Eversound's technology integrated with several of the largest senior living providers in the country.
“We knew Eversound was onto something when they walked through the door,” said David Carliner, EVP at Shelter Group, which operates Brightview and Parkview Senior Living. “We manage 68 senior living communities struggling to engage residents because of hearing loss. Since hearing aids are difficult to operate for seniors and ineffective at group events, we’re excited by the possibilities Eversound can unlock.”
The need for more comprehensive hearing loss technology is more than obvious. 60 million people worldwide have some degree of hearing loss, and the current production of hearing aids meets less than 10% of the global need, because of everything from high cost to inconvenient sizes.
“80% of us will have hearing loss by age 85 and less than 1 in 5 use a hearing aid who need one,” said Jake Reisch, cofounder and CEO of Eversound. “It's staggering, because hearing loss affects tens of millions of people and many of these people live in senior living communities. It leads to mental decline, social isolation and depression – so we’re building solutions people actually use.”
Eversound is hoping to be a new standard in the hearing assistance game. With seven notable senior living programs set to integrate their technology at some point in the future, the potential for a national sound distribution network is more possible than ever. Particularly with this level of funding being dolled out to solve the problem.