On Wednesday, South Africa’s innovative health tech company, hearX, finalised a merger with U.S.-based Eargo, forming LXE Hearing. This strategic move is backed by a substantial $100 million investment from Patient Square Capital.
- On Wednesday, South Africa’s innovative health tech company, hearX, finalised a merger with U.S.-based Eargo, forming LXE Hearing.
- This strategic move is backed by a substantial $100 million investment from Patient Square Capital.
- HearX and Eargo merge for integrated hearing solutions The merger between hearX and Eargo combines the strengths of both companies, leveraging...
- The company plans to streamline customer experiences, integrate product lines, and enhance operational efficiencies to drive growth across new and...
Keep reading for the full breakdown on health tech — everything you need to know is covered below.
LXE Hearing aims to revolutionise the global hearing health market by providing accessible, high-quality solutions.
HearX and Eargo merge for integrated hearing solutions
The merger between hearX and Eargo combines the strengths of both companies, leveraging hearX’s affordable and clinically validated mobile technologies for hearing loss detection and Eargo’s sleek, nearly invisible hearing aids.
Nic Klopper, founder of hearX and CEO of the newly formed LXE Hearing, emphasised the shared mission: “The merger between Lexie and Eargo is founded on our shared mission to create hearing health solutions for everyone, everywhere.”
Klopper highlighted that Eargo’s cutting-edge design and customer-first approach complement hearX’s suite of Bose-powered products and its award-winning mobile app.
LXE Hearing will continue to offer the Lexie B2 Plus hearing aids, developed in collaboration with Bose, alongside Eargo’s devices. The company plans to streamline customer experiences, integrate product lines, and enhance operational efficiencies to drive growth across new and existing markets.
LXE Hearing’s products will be available in over 15,000 retail channels, including major retailers like Best Buy, Costco, and Walmart, and will be covered by UnitedHealth and reimbursed through Medicare Advantage plans.
Impact on Global hearing health
This merger marks the first in the over-the-counter (OTC) hearing aid market since the FDA established the regulatory category in 2022.
Justin Sabet-Peyman, a partner at Patient Square, noted that historical barriers to accessing hearing aids have limited their use among those with hearing loss. The investment and merger aim to address these barriers by offering a range of products at various price points and focusing on organic growth.
The merger also highlights the potential of African startups to scale globally and lead in specialised markets. hearX’s journey from a university spin-out to a global hearing health brand demonstrates the innovation potential rooted in Africa, showcasing how local solutions can tackle global problems when adequately executed and scaled.