An Ottawa tech company with the goal of revolutionizing the hearing health industry says it’s raised $6 million in series-A financing that will help it expand sales in North America and Europe.
Clearwater Clinical, founded in 2005, recorded a triple-digit increase in sales last year, the company said Thursday in announcing the financing.
Its signature product is named the Shoebox Audiometry, which the company says is the world's first clinically-validated tablet-based audiometer. It makes it possible for virtually anyone in a quiet environment to perform tests leading to the early detection of hearing-related conditions.
Clearwater’s client base includes customers involved in industrial workplace testing, retail, pharmaceuticals and hearing-care multinationals.
“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,” said Clearwater Clinical CEO Michael Weider in a statement. “We believe that it is possible to … make it possible for every person on the planet to have access to a hearing test.”
The latest funding round was led by Toronto-based Whitecap Venture Partners and BDC Capital Healthcare Venture Fund. It brings Clearwater Clinical’s total funding to date to $9.5 million.
Alongside Shoebox, Clearwater operates a second division, Modica, which is medical camera app designed for physicians to securely record, archive, manage and share photos and videos directly from their iPhone.