Hearing technology company Audeara (ASX:AUA) hit the ASX today although it saw a modest retreat upon its debut.

The company makes headphones designed to complement hearing aids, helping people with entertainment experiences.

It began in 2015 after Dr James Fielding and his co-founders saw how difficult and long it could take to get a hearing test although it has pivoted from being a medical device stock to a consumer technology business.

Audeara raised $7 million at 20 cents per share which constituted 33 per cent of the company.

Dr Fielding, as well as co-founder Chris Jeffrey and chief technical officer Alex Afflick, hold a combined 21.77 per cent while the single largest shareholder is seed investor David Trimboli (who once upon a time was a senior coal trader at Glencore) with 14.51 per cent.

Upon Audeara’s ASX debut, shares fell by 15 per cent to 17 cents although made back some ground as trading progressed.

Audeara (ASX:AUA) share price chart


What now for Audeara?

Audeara has told shareholders the funding raised through the IPO would be a big help going forward.

“With funding now secured, Audeara is free to continue to evolve our technology platform, expand our relationships with audiologists in Australia and deliver new products to the market,” said Dr Fielding.

The company is focused on expanding into the US, recently hiring a US sales manager and winning its inaugural American patent. It also has a distribution agreement with Westone which allows it to access over 16,000 audiologist clinics in the US.

Speaking with Stockhead last week, Dr Fielding noted that although America has fewer government incentives in the healthcare industries, the population and clinical numbers more than made up for it.

Audeara also gave its ASX shareholders some updates today, including that March 2021 was the strongest single month of sales through its audiology partners and its next generation headphones, the A02, would be released next quarter.