Clearwater Clinical, a provider of medical-grade mobile devices and cloud-based data management solutions for the hearing health industry, has closed $6 million in Series A funding.
The round was led by Whitecap Venture Partners, a Toronto-based early stage venture capital fund. Whitecap says it will work closely with Clearwater on strategic initiatives including product development, go to market programs, and future financing strategy. BDC Capital Healthcare Venture Fund also participated in the funding.
Clearwater says it 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.
“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,” says Michael Weider, CEO of Clearwater. “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 is transforming the way hearing testing is performed.
“The global hearing market is ready for disruption and Clearwater is positioned to lead that effort,” says Carey Diamond, Partner at Whitecap Venture Partners. “Under the leadership of accomplished entrepreneurs, Clearwater is blazing a trail with its novel approach to hearing testing.”
“The current audiology infrastructure is inadequate to meet the needs of the incoming wave of an aging population and hearing damage from ubiquitous personal devices,” added Amine Benmoussa, Principal with the BDC Capital Healthcare Venture Fund. “The innovations incorporated into the Shoebox platform give Clearwater a clear advantage in this market and in potential new markets.”
Clearwater was cofounded in 2005 by Dr. Matthew Bromwich, an ENT specialist, and CEO Michael Weider. The company was recently recognized as an innovator in mobile, digital and connected healthcare in the 2016 Global Digital Health 100 Award List.