Fortell Raises $163M for AI Hearing Aids

In a sector dominated by five manufacturers that produce 97% of devices, where insurance does not cover costs, innovation has struggled to emerge. Fortell announces a selective listening approach driven by AI and relies on a $163 million funding round from leading investors to achieve this.

An Ultra-Concentrated and Poorly Reimbursed Market

Five companies produce 97% of hearing aids in an industry that has existed for several decades. Insurance does not cover the costs of these devices, and innovation has been slow. Most current hearing aids amplify all sounds simultaneously, a method that remains widely used.

The Promise of Real-Time Selective Listening

Fortell claims to be developing hearing aids capable of understanding the sound environment in real-time, identifying important sounds, and reducing those that are less significant. This approach aims to distinguish itself from the common practice of amplifying all sounds indiscriminately.

$163M and Heavyweight Investors to Scale Up

Fortell recently raised $163 million, with support from investors such as Founders Fund, Thrive Capital, and Antonio Gracias, CEO of Valor Equity Partners. The startup, founded by Matthew de Jonge after six years of work, is developing hearing aids that utilize AI. De Jonge was inspired by the difference in acceptance between glasses and hearing aids to design a device that is easier to adopt.