LXE Hearing, a new company formed by the merger of Eargo and hearX, has secured $100 million in financing from Patient Square Capital. Eargo, known for its direct-to-consumer tech-enabled hearing aids, and hearX, which offers Lexie hearing aids and digital technologies for hearing loss, have combined to create what they claim is the first notable merger in the over-the-counter (OTC) hearing aid market since its inception by the FDA in 2022. Nic Klopper, cofounder of hearX, will lead LXE Hearing as CEO, with Eargo’s COO, Bill Brownie, serving as the new company’s COO. The merger aims to enhance accessibility and affordability of hearing health solutions for the estimated 44 million American adults with hearing loss. In 2022, Patient Square Capital became the majority owner of Eargo, holding 76.3% of its stock after a $32.3 million offering, which included a $5.5 million investment from them. That year, Eargo also launched its sixth-generation hearing aid priced at $2,950, featuring a “mask mode.” In other industry news, Soundwave Hearing received FDA 510(k) clearance in 2023 for its Sontro Self-Fitting OTC Hearing Aids, and Apple got clearance for its OTC hearing aid software in AirPods Pro last year.
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