Fortell, an AI hearing aid startup, has recently raised $163 million in funding. Investors include Founders Fund, Thrive Capital, and Valor Equity Partners CEO Antonio Gracias.
The company, founded by Matthew de Jonge, aims to develop hearing aids that can understand ambient sounds in real time. These devices are designed to identify important sounds and reduce others, differing from traditional hearing aids that often amplify all sounds simultaneously.
De Jonge spent six years building Fortell, driven by the observation that people often resist wearing hearing aids. The startup seeks to disrupt an industry where five companies reportedly produce 97% of products, insurance coverage is often absent, and innovation has been slow.