CARSON CITY, Nev.--(BUSINESS WIRE)--Olive Union - the company making smarter hearing health a reality for everyone - today announced the closing of a $7M Series B. The round, led by Beyond Next Ventures, Bonds Investment Groups and Japan Policy Finance Corporation, closes as Olive prepares to ship its new FDA-registered Olive Pro 2-in-1 true wireless earbuds and smart hearing aids later this year. With the current round and cumulative $20M in lifetime funding, Olive plans to expand beyond its existing hearing aids product line into new digital therapeutics for tinnitus and overall hearing health, and begin laying the foundation for its next generation of smart hearing technology.
“Collective exposure to prolonged and nearby loud noises has put us in the middle of an unprecedented decline in global hearing health,” said Olive Union Founder and CEO, Owen Song.
The WHO projects that by 2050 nearly 2.5 billion people will have some degree of hearing loss. That staggering projection already affects 1.5 billion people today, yet only a fraction of those with hearing loss actually get the help they need. Today’s solutions aren’t working because they’re expensive, inconvenient and stigmatized.
“We started Olive to be the antithesis of an aging hearing aid industry that lacks innovation, but quickly learned that our biggest challenge was a lack of hearing health education,” continued Song. “We’re dedicated to educating the general public in an easy-to-understand way on why they need to take their hearing health as seriously as their vision, heart and gut health.”
Most people with hearing loss don’t need traditional hearing aids, just like most people with vision loss don’t need the most extreme of high-prescription lenses. Getting the help you do need though, can help slow or prevent further hearing loss. Olive’s existing technology and future digital therapies are and will be affordable, easy-to-use solutions for the majority of those with some degree of hearing loss.
To learn more about the importance of hearing health and Olive Union’s technology, visit OliveUnion.com.
About Olive Union
Olive Union blends cutting-edge technology, modern design, and an intuitive user experience to offer affordable hearing for all. Olive Union’s mission is to remove the stigma associated with impaired hearing with well-designed, functional and affordable hearables. For more information visit OliveUnion.com.