iHear Medical Completes $2.3M Financing

Company Anticipates Sales Growth in the Direct-To-Consumer and Retail Channels After Signing of Over-The-Counter Hearing Aid Act into Law

SAN LEANDRO, Calif., Sept. 21, 2017 -- iHear Medical, the leader in direct-to-consumer hearing aid solutions, announced today that it has raised $2.3M in convertible debt financing from a syndicate led by Ameritas Life Insurance Corp., Aphelion Capital, and Lighthouse Capital. The proceeds of the financing will be used to expand sales into major retailers and wholesalers after the passing of the OTC Hearing Aid Act of 2017 into law, building on its highly successful direct sales channels.

iHear Medical also welcomed Michael G. Potter to its Board of Directors. Potter is an experienced executive in the private and public sectors, most recently as Chief Financial Officer with Canadian Solar Inc., one of the world's largest solar companies, and interim CFO with Amber Kinetics, a US-based start-up with an innovative flywheel energy storage system. Potter brings a proven track record of execution with IPO-track teams and with publicly listed companies, with extensive experience in global operations including in China, Singapore, the United States and Canada. "Michael brings deep business and financial experience and we look forward to leveraging his expertise in developing new channels to deliver our low-cost ground-breaking products to the global market," stated Adnan Shennib, Founder and President of iHear Medical.

iHear Medical offers a wide range of innovative hearing products and services, including the only FDA-cleared OTC home hearing test, advanced customized hearing aids for discreet wear, and remote professional support by licensed hearing professionals to serve local communities anywhere with online access.

For more information on becoming a partner or a distributor for iHear Medical please visit www.ihearmedical.com/retail

About Hearing Loss

Hearing loss is a global problem of epidemic proportions with about 5% of the world's population, or approximately 360 million people, suffering from a disabling level of hearing loss, according to the World Health Organization (WHO). The current supply of hearing aids serves less than 10% of global demand with over 90% of the hearing impaired remain untreated due to persistent barriers, including high cost, complex dispensing procedures, and the stigma of visibly worn traditional hearing aids.

Recent studies indicate a significant rise in hearing loss prevalence due to an aging population, an increase in environmental noise, and the use of personal listening devices. Hearing loss is associated with a wide range of social, economic, and health problems caused by communication barriers and reduced access to health care for those suffering from hearing loss.

About iHear Medical, Inc.

iHear Medical is a venture-backed firm dedicated to addressing the global need for affordable and accessible hearing solutions. iHear's products and business models break through the persistent barriers that prevent people with hearing loss from using hearing aids. iHear Medical is pioneering online-based and OTC hearing solutions with over 48 U.S. and international patents issued and pending in its intellectual property portfolio. The cloud-based platform delivers effective hearing solutions at a fraction of the cost of conventional products, bringing the price of customized prescription-quality hearing aids in line with prescription eyeglasses. For more information on iHear Medical, visit: www.ihearmedical.com

Jun 5, 2018

by Jim C on iHEARHD

Not a paid review. I had trouble finding a good review before I purchased these so I'd like provide this for others considering.

BLUF: Overall I'm happy with the units. Had some QC issues but I was able to resolve for the most part. Great Value.

Pros:
*Work really well. Exceeded my expectation for performance and makes for a great value. Works well for me in crowded environments, which was a surprise considering the cheap cost.
*Self Programmable. You buy the hearing test software and programming kit (cheap) and you can program them yourself.
*Magnetic Disk to change modes is quicker and simpler than more complex blue tooth or RF controllers.'
*Very light and comfortable for a CIC device
*Black color hides the unit well within the ear canal.
*Super nice and responsive US based tech support when you call voice. Not fast responses on email though.
*Battery Consumption is as advertised. I'm getting 3-4 days with 1/2 day of use per battery.
*shipment well packaged, nothing missing.
*includes multiple silicone plugs for self fitting.

Cons:
*Proprietary Battery Modules - These are very reasonably priced, but you still have to get them from the MFG or vendor who carries units, you won't find the batteries at CVS.
*No quick start guide. You kind of have to figure out where to start (i.e. hearing test first? Power up unit first? DL software first?)
*Physical connection of Silicon plugs Flakey - See below.

Issues I have experienced so far:
1. Upon receiving the VIP package, the USB ear test/programming cable had not been registered to in the iHear system. I had to call Tech Support and have them "register them". I consider this a QC issue. They should have caught that before shipping.
2. The left ear module arrived Dead. Had to return it, tech support did a quick turn around and got me a new unit in about 3 business days. Again another QC issue in my opinion.
3. Design Flaw on the way the silicon tips attach to the units. There are only 2 lightly protruding plastic tabs which hold the ear silicone tips on the units. I have had these pop off 2x's now when removing the units and the result was the silicone tip got stuck deep inside my ear canal, requiring tweezers to remove them. I do consider this a safety issue which they need to resolve in updated designs. If you don't have good dexterity and feel uncomfortable fishing stuff out of your ear canal I would avoid these until they fix the design. I found that some of the provided tips don't "snap" was tightly or as well as others which seem to attach more loosely. Again another QC issue.

May 5, 2018

by Bill A. on iHEARMAX

With minor/moderate hearing loss, I was facing a $4750 price tag for hearing aids recommended by my ENT and audiologist. I did some research and found iHearMedical. Intrigued by the option of tuning my own hearing aids, I decided to take a chance and purchase a pair of iHearMax hearing aids.

I have worn my hearing aids full time since the first day I got them, and I’m 100% pleased. I believe they represent a major breakthrough/paradigm shift in hearing aid price and performance, as iHearMedical claims. These are not cheap toys or Personal Hearing Amplification Devices (PSAD’s) – they are professional quality programmable hearing aids at an extremely low price.

Based on my success, I purchased a pair as a gift for my sister (moderate hearing loss) and worked with my brother in law (moderate hearing loss) to get him a pair. I helped both of them to choose tips and tune them. All 3 of us are now successfully wearing the iHearMax hearing aids with outstanding results.

Being technically oriented, I thought I wanted all the bells and whistles available in more expensive hearing aids (such as Bluetooth integration and remote control). Based on my experience, I’ve concluded that these features are not important. Wearing my iHearMax hearing aids, I can use the phone and watch TV perfectly, while I couldn’t before. They are easily adjustable to different programs (for noisy environments) by pushing a button.

A few points that may help:
1.THE TUNER IS A MUST: The tuner and the ability to customize these hearing aids is critical. Without the tuner, the hearing aids may help a bit, but they will not be customized to your specific hearing loss, as hearing aids from an audiologist would be. With the tuner, you will get results as good as you would get from high priced hearing aids.
2.SELECTING THE RIGHT TIPS IS TRICKY: The tips come in different sizes, some vented and some not. The size and venting are critically important and need to be proper for your ear canal size and your type of hearing loss. I had several phone calls with the extremely helpful iHearMedical Support team to get this right for all 3 of us.
3.GET HELP IF NEEDED: You will need some dexterity to handle these or any hearing aids. They are small and need to be cared for. You will need some familiarity with computers and small electronics to use the tuner. If you don’t have these basic skills, get help for about an hour from someone who has them.

Mar 10, 2018

by Paul B on iHEARMAX

love these things!
I'd been wearing an expensive audiologist supplied hearing aid in one ear for several years and was pretty happy with it. It was a Bluetooth compatible device with an app that let you make adjustments to the aid which was great while it worked.That feature failed after a year or so and was the only way to make adjustments.
After a few years we moved about 6 hours away from the audiologist so I could no longer get free adjustments. A new audiogram showed that the hearing in my bad ear had gotten worse, plus the good ear was going downhill. I took the aid to an audiologist who carried the same brand and got some adjustments but they were entitled to a fee for adjusting an aid that they hadn't sold and that was pretty costly. This wasn't going to work for the long term.
I started doing some online looking. I tried two different non prescription hearing amplifiers which amplified alright, but they amplified all noise as well as what I wanted to hear. In many situations they made my hearing worse. They were also bulky and uncomfortable to wear.
Somewhere along the way I came across the iHear devices online. Hearing aids that I could program myself? I had to know more. I had a ton of questions and I bombarded the customer service people with them, pretty much making myself a pain in the butt. Nonetheless they patiently answered all of my questions patiently and fully. I sent them a copy of my most recent audiogram and they frankly told me that their devices could likely help my hearing, but not completely and perfectly due to the severe high frequency loss in my right ear. They made clear that they wouldn't help my right ear tinnitus, which I already knew. The iHear return policy is good, and I would surely know if the aids suited me within that time. I ordered the pair of iHear Max, the hearing test, and the programming kit,all for less money than my single audiologist hearing aid. The iHear techs programmed them as best they could based on my audiogram.
When everything arrived I was super impressed as soon as I opened the boxes. The devices are really tiny- smaller than my expensive model, and they look and feel just as well made.The packaging and printed materials are totally professionally done and are very informative and easy to understand. I put in some batteries and fired them up. Amazing! Know the feeling and sound when you have water in your ears and then it finally comes out?That's what this was like. I realized for the first time how much I was missing from my good ear. As the iHear people had told me, my bad ear did not show as dramatic an improvement but it was still pretty impressive. Easily as good as my high priced model. With both in place I was hearing things I hadn't heard in years. Over the next several days I wore them in many different environments: a noisy restaurant, a dinner theater show, outdoors, driving in the car,listening to music, a live Celtic music concert, etc. Between the four different settings of the hearing aids I was able to find a setting for just about any situation.I decided to wear them as is for the time being.
After about a week I took the hearing test which is necessary before you use the programmer. The kit comes with a calibrated set of earphones and works like a simplified online version of an audiologist's test-a series of beeps and tweets of different frequencies and volumes played in each ear. Then I was able to attach my hearing aids to the programming device and the programming app programmed each hearing aid to best match the hearing test results. After that, they worked even better for me. The programmer lets the user control the levels of various frequency bands which are labeled in layman's terms like “womans soft voice”, “man's voice,loud”etc. These can then be programmed into the aids.I will probably go back into the programmer again and play around with some of these levels, since I like to tinker, but just as they are programmed right now, they suit my needs very well.
A great many people who need hearing aids are older folks on a fixed income,as I am. Custom audiologist supplied hearing aids are a huge investment and quite out of the reach of many people,especially seniors. The whole kit and caboodle from iHear cost less than half what the cheapest professionally fitted hearing aids would cost(Costco). If you or anyone you know is in the situation I was in, I'd strongly suggest that you consider these fine hearing aids from iHear. I don't think you can go wrong.

Mar 7, 2018

by Tom on iHEARHD

I wrote to the iHear Medical company about the huge response I received
when I offered my white paper about my search and subsequent purchase of
an in-the-ear hearing amplification device. They wrote back thanking me
and offering anyone who purchases a device 10% off their original
purchase. No I don't get anything for it.

If you decide to purchase a hearing aid from iHear Medical and use the code:
WELCOME10 (the word welcome and the number 10) you will get 10% off.
I'd suggest you place your order by phone to make sure you understand
everything. They are very helpful and answer all your questions. You
can still use the code with a person on the phone.

So that's $40 off on a hearing aid priced at $400. No good for me since
it is not retroactive. Drat!!!

I am so used to it being in my right ear, I now forget it's there. You
waste the battery if you fall asleep with it in, but I've done that.
And the day before yesterday, I took a shower and forgot it was in my
ear. I remembered just in the middle of washing my head (not much hair
there). Real quick I took it out and put it in a towel. Still working
fine.

I've pretty much stopped asking people to repeat what they said or to
speak up a bit. I have noticed that people in Citrus Park do speak
fairly loud since many people are hard of hearing. When you get out of
the park and return home you really notice a difference with normal
speaking people who do not, as a rule, speak loud. Younger people who
speak softly or grand kids can all be heard without thinking they are
mumbling. Where I really notice improvement is hearing people who are
NOT facing me so I can't see their lips. I hear them just fine and
realize that I was doing a lot of lip reading before or asking people to
turn around to speak to me. I never realized my shoestrings make noise
when I tie them, but they do.

The only other thing I have noticed is that certain TV stations do not
broadcast audio very well. I still have to turn the volume up on those
stations. Others I can keep the volume very low and hear just fine.
Sharon, who has much better hearing, also has to turn the volume up on
those stations. Just poor quality broadcasting since the speakers in my
TV are the same for any show we watch.

The only sound that I now hear, that bugs me, is the sound of the
keyboard as I type. Sometimes I take the hearing device out so there is
not so much clatter as I hit the keys.

The world has a lot more noise but that's just fine with me.

Feb 7, 2018

by T. Jones on iHEARHD

I am so used to the HD being in my ear now, I forget it's there. I noticed real improvement hearing people who are NOT facing me, I realize that I was doing a lot of lip reading before

iHear Medical Completes $2.3M Financing - Michael G. Potter Joins Board of Directors