Tuned raises another $3.5 million to make hearing care accessible to all – AlleyWatch

15% of American adults over the age of 18 indicate that they have some form of hearing loss. Although he 28.8 million of these adults could benefit from using a hearing aid, only 16% of hers in this segment have ever used one.. Adjusted is a comprehensive hearing wellness platform that provides access to audiology consultations and treatments. The company offers hearing care starting with a comprehensive virtual screening as an employer-sponsored workplace benefit. One of her more than 200 leading audiologists on the platform, she collaborates with employees through screenings, consultations, treatment planning and securing devices. For employers who offer this special benefit, Tuned’s plan offers him 95% savings compared to other programs. Launched in 2020, Tuned has already covered more than 1.4 million of his employees nationwide and plans to transition to pediatric audiology. The Food and Drug Administration recently took steps to open up the hearing aid market by selling hearing aids over the counter. As the largest online audiology platform, Tuned is well positioned to serve this rapidly growing market.

alley watch Catch up with Tuned’s CEO and co-founder Danny Aronson To learn more about the business, the company’s strategic plans, the latest funding round that brings the total raised to $6 million, and more…

Who are your investors and how much did you raise?

Tuned has raised $3.5 million in a seed extension series funding round. decentralized venture with participation from Idea Lab NYand Elements Health Ventures.

What products or services does Tuned offer?

Tuned provides the world’s most clinically-validated hearing screener to fully understand your hearing profile via an easy-to-use, clinically-validated digital platform. The platform offers an affordable, convenient and accessible solution through the most advanced hearing screening available online, the Tuned 360 Hearing Assessment. Tuned also developed the Hearing Care Impact Calculator, a tool that can model the benefits of providing holistic hearing care to employees.

What inspired you to start Tuned?

I am a serial entrepreneur with 5 patents in the hearing aid field.I have moderate hearing loss and tinnitus and had served in the military as a tank commander, so my personal experience in the hearing care industry was frustrating. Kate McGinley and Ofer Raz We created a platform that aims to make hearing care affordable and accessible to all.

How is Tuned different?

Tuned is the largest audiology online platform in the United States and the first platform designed to deliver hearing care as a professional health benefit. Tuned’s platform enables audiologists to accurately screen patients’ hearing online from anywhere in the world. Tuned is the first company to offer hearing care benefits by leveraging a major macro policy development initiated by the FDA to establish a new regulatory category of hearing aids on the market. Tuned offers comprehensive hearing care, rather than the typical industry model of discounted hearing aids. Tuned’s basic economic units are screenings and consultations, not products. Tuned does not provide commissions to audiologists on the sale of devices.

What is Tuned’s target market and how large is it?

Driven by a mission to make hearing health a key employee benefit, Tuned each target the large audiology, healthcare and benefits markets. While Tuned is focused on making hearing care accessible to everyone, employers also have a key role to play in mainstreaming hearing care as a standard medical benefit. This platform is dedicated to bridging the gap between audiologists and the general public.

what is your business model?

Tuned is a hearing solution for B2B wellness. The company works with employers to make hearing care a standard benefit for employees, similar to vision and dentistry. Tuned offers a comprehensive hearing care program that includes screenings, consultations, and devices ranging from hearing aids. The company offers a PMPM/PEPM (Per Employee) or FFS (Fees for Service) model at a price that is 95% lower than any other program on the market.

How are you preparing for a potential economic slowdown?

In preparation for a possible recession, Tuned is thinking carefully about spending and trying to stay focused on revenue and sales.

What was the fundraising process like?

Our investors recognize the importance of hearing care, so it took just six months to complete. They quickly understood the impact our technology would have on people suffering in silence with undiagnosed hearing loss and inadequate hearing aids. was connected to investors in Some of them I have known for years.

What was the biggest challenge you faced in raising capital?

Most VCs (venture capital) loved our team and thought our ideas were solid, but many of them were like, “Show me the money, show me the deal, show me the traction.” I asked a lot. Early stage. Traction, awards, industry recognition and early earnings don’t come easy. We had to be humble in our assessment.
What factors in your business are driving investors to write checks?

A key factor that sets our business apart for investors is our mission and passion to bring equal standards of care to hearing health. Hearing care and technology are typically not covered by insurance across the United States, so audiology falls into a rare gap in healthcare. Our goal is to close this gap and provide access to benefits, support and care for all patients. Deaf age.

A key factor that sets our business apart for investors is our mission and passion to bring equal standards of care to hearing health. Hearing care and technology are typically not covered by insurance across the United States, so audiology falls into a rare gap in healthcare. Our goal is to close this gap and provide access to benefits, support and care for all patients. Deaf age.

What milestones do you plan to achieve in the next six months?

We want to hit our annual recurring revenue (ARR) target and add two new features to our platform in the next six months.

What advice can you give to New York companies that haven’t injected fresh capital into their banks?

Get rid of everything you don’t need (that’s everything) and focus on the one metric you absolutely need to keep your company going. The rest is noise. Do not be discouraged by fate and gloom. do your own thing

What are your favorite winter destinations in and around the city?

My favorite winter destination is Brooklyn’s Prospect Park.

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