Eargo

Eargo, Inc.

Company type	Private
Industry	Hearing aids, Medical technology
Founded	2010 (2010)
Founder	Florent Michel, Raphael Michel, Daniel Shen
Headquarters	San Jose, California , United States
Key people	William Brownie (CEO as of 2023)
Products	Hearing aids (Eargo Plus, Eargo Max, Eargo Neo, Eargo Neo HiFi)
Parent	Patient Square Capital

Eargo, Inc. is a U.S.-based manufacturer specializing in hearing aids, with its headquarters located in San Jose, California. Christian Gormsen held the position of CEO until 2023, when William Brownie assumed the role.

History

Established in 2010 by Florent Michel, an ENT specialist and inventor, alongside his son Raphael Michel and Daniel Shen, Eargo focused on creating hearing aids that emphasize ease of use and innovative design. Raphael initially served as CEO, while Shen took on the role of chief science and clinical officer. Early-stage funding included seed investments from Maveron and others in 2013. In June 2015, Eargo raised $13.6 million in Series A financing from backers such as Maveron, Crosslink Capital, Dolby Family Ventures, and Birchmere Ventures.

By the end of 2015, the company secured $25 million through a Series B round led by New Enterprise Associates. Capital acquisition continued with a Series C round launched in October 2017 aiming for $45 million, followed by a $52 million Series D in 2019 and a $71 million Series E in 2020. These funds facilitated ongoing product innovation and expanded market reach.

Christian Gormsen was appointed CEO in mid-2016 and remained in that capacity until June 2023, when William Brownie took over during a phase focused on reducing operational costs.

Eargo submitted its initial public offering paperwork on September 25, 2020, and officially began trading on NASDAQ on October 16, 2020. In 2022, Patient Square Capital, a healthcare investment firm, became the controlling shareholder. Subsequently, Patient Square Capital took the company private in January 2024, leading to its removal from NASDAQ listings.

In April 2022, Eargo reached a $34.37 million settlement with the U.S. Department of Justice concerning accusations related to submitting unsupported diagnosis codes for federal reimbursement claims.

This timeline underscores Eargo’s strategic leadership in capital raising, expanding its footprint within the hearing aid sector, and managing regulatory matters as part of its corporate development and restructuring.

Products

Eargo’s hearing aids are classified as Class 2 medical devices and feature a compact speaker encircled by medical-grade silicone fibers known as Flexi Fibers—a proprietary design element. These fibers enable natural bass frequencies to enter the ear canal unamplified while amplification targets only the treble frequencies.

The product line includes two sizes with four preset sound profiles accessible via double-tapping the device placed in the ear. Each ear’s settings can be independently adjusted. Customers have the option to provide personal audiograms to Eargo’s licensed professionals for tailored device calibration. The hearing aids come with a portable charging case that offers up to 16 hours of usage per charge cycle; the charger itself can operate for about a week without recharging.

Ammunition Design Group designed the charging case inspired by the shape of a river rock to enhance usability and visibility. The company’s logo is derived from a digital recording of the founder pronouncing "Eargo."

Eargo introduced its inaugural devices in June 2015. Subsequent models include the Eargo Plus (2017), Eargo Max (2018), Eargo Neo (2019), and Eargo Neo HiFi (2020), illustrating continuous product advancement aligned with evolving market demands and consumer preferences.