Smart hearing company Eargo has rolled out its sixth generation of hearing aids. The technology comes with a sound tuning algorithm designed to change the volume based on surrounding noise without the user manually adjusting the device.
Eargo has also added a new feature called “mask mode,” created to help alleviate the challenges people with hearing loss face when talking to someone wearing a mask. The new device will cost users $ 2,950 and is currently on the market.
WHY IS IT IMPORTANT
Hearing loss is common in the United States. In fact, according to the National Institute on Deafness and Other Communication Disorders, about 15% of adults in the United States report having hearing problems. People over 65 are particularly affected.
The agency reports that 25% of adults aged 65 to 74 have crippling hearing loss.
The company presents its technology as a departure from traditional hearing aids.
“The current model of hearing aids is broken: the customer has not been at the heart of the experience, and innovation has lagged behind to the detriment of the user”, Christian Gormsen, Eargo’s chairman and chief executive officer said in a statement. “Millions of Americans who could benefit from a device have long been excluded from the category by awkward, unaffordable and impractical solutions. By completely transforming the way the product looks, functions and purchases, we move closer to our overall goal of changing the way the world views hearing loss and removing the stigma that surrounds it.
THE BIGGEST TREND
In October 2020, the company went public with a IPO valued at $ 141.3 million. In July, the company launched its Eargo 5, connected hearing aids with smaller specifications and the ability for users to customize them based on the hearing profile.
However recently Eargo has been in hot water. In September, news broke that the company is the target of a US Department of Justice (DOJ) investigation. Specifically, the DOJ has announced its intention to review Eargo’s insurance claims it submits on behalf of its customers when purchasing hearing aids. The company said it would work with the government to validate all reimbursement claims.