{{Short description|American hearing aid manufacturer}} {{Use mdy dates|date=September 2022}} {{Advert|date=December 2021}} {{Infobox company | name = Eargo, Inc. | type = [[Privately held company|Private]] | traded_as = {{NASDAQ was|EAR}} (2020-24) | genre = | foundation = {{start date and age|2010}} | founders = Florent Michel <small>(inventor)</small><br />Raphael Michel<br />Daniel Shen | dissolved = | fate = Merged with Hearx to form LXE Hearing | location_city = [[San Jose, California|San Jose]], [[California]] | location_country = U.S. | location = | locations = | area_served = United States | key_people = | industry = | products = [[Hearing aids]] | services = | market cap = | revenue = {{increase}} $45 million (as of 2020)<ref>{{Cite web |url=https://www.thestreet.com/ipo/news/eargo-ipo-launch |title=IPO Launch: Eargo Proposes Terms for $100 Million IPO |access-date=October 17, 2020 |archive-date=October 17, 2020 |archive-url=https://web.archive.org/web/20201017201833/https://www.thestreet.com/ipo/news/eargo-ipo-launch |url-status=dead }}</ref> | operating_income = | net_income = | aum = | assets = | equity = | owner = | num_employees = 184 | num_employees_year = 2020 | num_advisors = | parent = | divisions = | subsid = | homepage = {{URL |https://www.eargo.com/}} | footnote = }}
'''Eargo, Inc.''' is an American [[hearing aid]] manufacturer based in [[San Jose, California|San Jose]], [[California]].<ref name="TC">{{cite news | last=Magee| first=Christine| title =With $13 Million From Maveron, Eargo Is The Hearing Aid Of The Future| work = [[TechCrunch]]| date =June 25, 2015| url =https://techcrunch.com/2015/06/25/with-13-million-from-maveron-eargo-is-the-hearing-aid-of-the-future/#.smaqsx:2GOb| access-date =July 27, 2015}}</ref><ref name="XConomy">{{cite web |url=http://www.xconomy.com/san-francisco/2015/06/26/eargo-secures-13000000-series-a-financing-round/ |title=Eargo Secures $13,000,000 Series A Financing Round |author=<!--Staff writer(s); no by-line.--> |website=www.Xconomy.com |date=June 26, 2015 |publisher=[[Xconomy]] |access-date=July 27, 2015}}</ref><ref name="Uber">{{cite news | last=Lee| first=Tyler| title =Eargo Could Be The Hearing Aid Of The Future| publisher = UberGizmo| date =June 26, 2015| url =http://www.ubergizmo.com/2015/06/eargo-hearing-aid-future/| access-date =July 27, 2015}}</ref><ref name="PCMag">{{cite magazine | last=Sarrell| first=Matthew D.| title =Eargo Hearing Aids| magazine = [[PC Magazine]]| date =August 4, 2015| url =https://www.pcmag.com/article2/0,2817,2488793,00.asp| access-date =September 3, 2015}}</ref> In 2025, Eargo merged with Hearx to form an over-the-counter hearing aid company named LXE Hearing.<ref name=":0" /><ref>{{Cite web |last=Weitzman |first=Aaron |date=2025-03-31 |title=Eargo and hearX are merging to create LXE Hearing, with $100M investment from Patient Square Capital |url=https://www.axios.com/pro/health-tech-deals/2025/03/31/patient-square-spends-100m-on-newly-formed-lxe-hearing |access-date=2025-10-28 |website=Axios |language=en}}</ref>
==History==
Eargo was founded in 2010 by Florent Michel, his son Raphael Michel, and Daniel Shen.<ref>{{Cite web |title=Eargo Venture Capital and Private Equity Financings |url=https://vcnewsdaily.com/Eargo/venture-funding.php |access-date=2025-05-16 |website=vcnewsdaily.com}}</ref> Florent was an [[Otorhinolaryngology|ear, nose, and throat]] surgeon serving as the designer and inventor.<ref name="Geek">{{cite news|url=http://www.geekwire.com/2015/maveron-backed-eargo-looks-to-reinvent-the-hearing-aid-with-rechargeable-devices-modeled-on-a-fishing-fly/|title=Maveron-backed Eargo looks to reinvent the hearing aid with rechargeable devices modeled on a fishing fly|last=Sherman|first=Michael|date=June 25, 2015|access-date=July 27, 2015|work=[[GeekWire]]}}</ref> Raphael served as the company's first [[chief executive officer|CEO]] and Shen the company's chief science & clinical officer.<ref>{{Cite web |title=The Eargo 6 is a virtually invisible hearing aid with new Sound Adjust technology |date=March 11, 2022 |url=https://us.cnn.com/2022/03/11/cnn-underscored/eargo-6-hearing-aid/index.html}}</ref>
In 2013, the company received [[seed funding]] from various a range of funds and angels, including [[Maveron]].<ref name="Geek" /> In June 2015, they received $13.6 million in Series A funding from a group of 9 investors, including Maveron, [[Crosslink Capital]], Dolby Family Ventures, and Birchmere Ventures.<ref name="TC" /><ref name="WI">{{cite news | last=Perenson| first=Melissa| title =Hands-on with Eargo, a New Approach to Hearing Aids| publisher = Wearables Insider| date =June 25, 2015| url =http://wearablesinsider.com/2015/06/25/hands-on-with-eargo-a-new-approach-to-hearing-aids/| access-date =July 27, 2015}}</ref>
Eargo announced $25 million in [[Series B funding|Series B]] funding led by [[New Enterprise Associates]] in December 2015,<ref>{{Cite news|title = Eargo Raises $25M in Series B Funding From New Enterprise Associates|url = https://www.reuters.com/article/idUSnMKWlwbZya+1c4+MKW20151209#LI8fBp1u8lcIHFey.97|archive-url = https://web.archive.org/web/20151211030025/http://www.reuters.com/article/idUSnMKWlwbZya+1c4+MKW20151209#LI8fBp1u8lcIHFey.97|url-status = dead|archive-date = December 11, 2015|newspaper = Reuters|date = December 9, 2015|access-date = December 10, 2015}}</ref> and in October 2017 closed the first [[tranche]] of Series C funding intended to raise $45m.<ref name=SeriesC>{{cite web |first=Amirah |last=Al Idrus |url=https://www.fiercebiotech.com/medtech/eargo-pulls-first-tranche-series-c-worth-up-to-45m |title=Eargo pulls in first tranche of series C round worth up to $45M |website=FierceBiotech |date=October 20, 2017 }}</ref> There were other subsequent rounds of funding including a $52M series-D in 2019 and a $71M series-E in mid 2020.<ref>{{Cite web |title=Eargo Receives Notification from Nasdaq Related to Delayed Annual Report on Form 10-K |url=https://finance.yahoo.com/news/eargo-receives-notification-nasdaq-related-210100786.html}}</ref>
Christian Gormsen was named CEO in the summer of 2016 and served until June 2023, when William Brownie replaced him.<ref>{{Cite web |date=2023-07-03 |title=Cost reduction plan costs CEO job at US-based Eargo |url=https://medwatch.com/News/hearing_health/article16226072.ece |access-date=2025-02-12 |website=medwatch.com |language=en}}</ref><ref>{{Cite web |last=HHTM |date=2023-07-03 |title=Eargo Announces Cost Reduction Plan and Leadership Change |url=https://hearinghealthmatters.org/hearing-news-watch/2023/eargo-cost-reduction-willie-interim-ceo/ |access-date=2025-02-12 |website=Hearing Health & Technology Matters |language=en-US}}</ref>
Eargo filed for an IPO on September 25, 2020,<ref>{{Cite web|last=Nasdaq|title=Hearing aid manufacturer Eargo files for a $100 million IPO|url=https://www.nasdaq.com/articles/hearing-aid-manufacturer-eargo-files-for-a-%24100-million-ipo-2020-09-25|website=Nasdaq.com}}</ref> and was officially listed on NASDAQ on October 16, 2020.<ref>{{Cite news|title=Eargo, Inc. Announces Upsized Pricing of Initial Public Offering|url=https://seekingalpha.com/pr/18046296-eargo-inc-announces-upsized-pricing-of-initial-public-offering|access-date=October 19, 2020|newspaper=Seekingalpha|language=en}}</ref> In 2022, Patient Square Capital, a healthcare investment firm, became the majority owner of Eargo.<ref>{{Cite web |date=2022-11-30 |title=Hearing aid tech company Eargo has a new majority owner |url=https://www.mobihealthnews.com/news/hearing-aid-tech-company-eargo-has-new-majority-owner#:~:text=Healthcare%20investment%20firm%20Patient%20Square,of%20Eargo's%20outstanding%20common%20stock.&text=Eargo,%20which%20makes%20tech-enabled,majority%20owner%20of%20the%20company |access-date=2025-02-12 |website=MobiHealthNews |language=en}}</ref> The company was taken private by Patient Square Capital in January 2024, and its stock was delisted from NASDAQ.<ref>{{Cite web |date=30 October 2023 |title=Eargo To Be Taken Private By Patient Square Capital |url=https://www.sec.gov/Archives/edgar/data/1719395/000095010323015472/dp201999_ex9901.htm |access-date=2024-12-18 |website=www.sec.gov}}</ref>
That same year, in April, Eargo agreed to a $34.37 million settlement with the [[United States Department of Justice|U.S. Department of Justice]] for allegedly submitting, “claims for hearing aid devices for reimbursement to the [[Federal Employees Health Benefits Program]] (FEHBP) that contained unsupported hearing loss diagnosis codes.”<ref>{{Cite web |date=2022-04-29 |title=Hearing Aid Company Eargo Inc. Agrees to Pay $34.37 Million to Settle Common Law and False Claims Act Allegations for Unsupported Diagnosis Codes |url=https://www.justice.gov/opa/pr/hearing-aid-company-eargo-inc-agrees-pay-3437-million-settle-common-law-and-false-claims-act |access-date=2024-12-18 |website=justice.gov |language=en}}</ref><ref name=":1">{{Cite web |last=GraceJung |date=2022-05-04 |title=Eargo Inc. Agrees to Pay $34.37 Million |url=https://www.audiology.org/eargo-inc-agrees-to-pay-34-37-million/ |access-date=2025-11-17 |website=American Academy of Audiology |language=en-US}}</ref> Eargo denied the allegations.<ref>{{Cite web |last=Maddox |first=Will |date=2022-05-06 |title=Hearing Aid Company to Pay $34 Million to Resolve Federal False Claims Act Allegation |url=https://www.dmagazine.com/healthcare-business/2022/05/say-what-hearing-aid-company-to-pay-34-million-to-resolve-federal-false-claims-act-allegation/ |access-date=2025-11-17 |website=D Magazine |language=en-US}}</ref><ref name=":1" />
In April 2025, Eargo merged with Hearx to create LXE Hearing, an over-the-counter hearing aid company.<ref>{{Cite web |date=2025-04-01 |title=Tech-enabled Eargo, hearX merge to form new hearing aid company {{!}} MobiHealthNews |url=https://www.mobihealthnews.com/news/tech-enabled-eargo-hearx-merge-form-new-hearing-aid-company |access-date=2025-11-21 |website=www.mobihealthnews.com |language=en}}</ref><ref name=":0" /> Nic Klopper, CEO of Hearx, will serve as CEO of the merged company and William Brownie will serve as COO.<ref name=":0">{{Cite web |title=Eargo, Hearx merge into one OTC hearing aid firm, receive $100M boost {{!}} MedTech Dive |url=https://www.medtechdive.com/news/otc-hearing-aid-eargo-hearx-merge/744043/ |access-date=2025-10-28 |website=www.medtechdive.com |language=en-US}}</ref> Nic Klopper, CEO of Hearx, will serve as CEO of the merged company and William Brownie will serve as COO.<ref name=":0" />
==Products==
Eargo hearing aids are certified Class 2 medical devices. Their design is modeled after the standard fishing fly,<ref name="Voize">{{cite news |last=Parvez |first=Husain |date=June 26, 2015 |title=Eargo Is The Heading Aid Of The Future: Backed By $13 Million From Maveron |url=http://www.techvoize.com/gadgets/2015/06/26/eargo-is-the-heading-aid-of-the-future-backed-by-13-million-from-maveron/ |access-date=July 27, 2015 |publisher=TechVoize}}</ref> with a small speaker surrounded by medical-grade silicone fibers (for which the company uses the trademark Flexi Fibers);<ref name="Voize"/><ref name="TCInvest">{{cite news | last=Huang| first=Ruochen| title =Investments For Hearables Surge| work = [[TechCrunch]]| date =July 30, 2015| url =https://techcrunch.com/2015/07/30/vcs-arent-hard-of-hearing-for-innovation-as-investments-for-hearables-surge/| access-date =September 4, 2015}}</ref> the fibers allow natural bass sounds to flow more freely into the ear canal,<ref name="WI"/><ref name="MPN">{{cite news | title =Eargo is all about that bass ... and that mid-range, and the treble| publisher = Medical Plastic News| date =June 30, 2015| url =http://www.medicalplasticsnews.com/medical-devices/eargo-is-all-about-that-bass-and-that-mid-range-and-the-tre/| access-date =July 27, 2015}}</ref> so that only treble ranges require amplification.<ref name=SeriesC/>
The devices come in two sizes and are pre-programmed with four standard profiles.<ref name="TC"/> To change the setting, wearers double-tap their ear, and an acoustic switch changes the sound profile. The settings for the devices in each ear can be changed independently.<ref name="Voize"/> Users can also send their personal [[Audiogram|audiograms]] to licensed hearing professionals at Eargo who will custom-calibrate the device for that individual's specific needs.<ref name="Geek"/> The hearing aids can be charged using a portable charging device that is sold with them, and are designed to hold a charge for up to 16 hours. The charging device itself is designed to last up to a week on a single charge.<ref name="Geek"/><ref name="PCMag"/><ref name="WI"/>
In June 2015, Eargo launched the first hearing devices available for order.<ref name="Geek" /> The Eargo Plus was introduced in 2017,<ref name="Ammunition">{{cite web |last=Budds |first=Diana |date=October 13, 2017 |title=Ammunition Designs Slick Hearing Aids For People Who Don't Want Hearing Aids |url=https://www.fastcodesign.com/90146645/ammunition-designs-slick-hearing-aids-for-people-who-dont-want-hearing-aids |website=FastCo.Design}}</ref><ref>{{Cite web |title=Eargo Plus Hearing Aid Review |url=http://www.hearreview.com/EargoPlusReview |access-date=August 14, 2018 |website=www.hearreview.com |language=en}}</ref> and, in 2018, the Eargo Max was introduced.<ref>{{cite magazine |title=A Hearing Aid Meant for the Masses: The 50 Best Inventions of 2018 |url=https://time.com/collection/best-inventions-2018/5454218/eargo-max/ |access-date=November 18, 2019 |magazine=[[Time (magazine)|Time]]}}</ref> The Eargo Neo was launched in 2019, and in 2020, the Eargo Neo HiFi was launched.<ref>{{Cite web |last=Kim |first=Stefani |date=January 7, 2020 |title=Eargo Launches Neo HiFi - Hearing Review |url=https://www.hearingreview.com/hearing-products/hearing-aids/otc/eargo |access-date=October 19, 2020 |language=en-US}}</ref>
==References== {{reflist|2}}
==External links== *{{official|https://www.eargo.com}} {{Finance links | name = Eargo | symbol = EAR | reuters = EAR.O | bloomberg = EAR:US | sec_cik = EAR | yahoo = EAR | google = EAR | nasdaq = EAR }}
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[[Category:American companies established in 2010]] [[Category:Health care companies established in 2010]] [[Category:Health care companies based in California]] [[Category:Companies based in Mountain View, California]] [[Category:Hearing aid manufacturers]] [[Category:Medical technology companies of the United States]] [[Category:Companies formerly listed on the Nasdaq]] [[Category:2010 establishments in California]] [[Category:2020 initial public offerings]] [[Category:2022 mergers and acquisitions]]