Ear Labs secures $800k to expand the product scope of its noise technology.
Ear Labs, a Malmö, Sweden-based producer of smart headphones, announced securing SEK 6.75M ($790k) in capital investment added to the company.
The money comes from Almi Invest (SEK 2.5M) and from undisclosed Danish and Chinese investors, and will be used for the development of new products as well as support for a global launch and marketing of the company's new ear protection dBud.
Ear Labs will also establish global distribution for its products - in addition to Sweden and Denmark, the main markets are the five largest countries in Europe and the USA and Japan.
Ear Labs, founded as a spinoff of a consulting company (Frankly) and led by CEO Christian Dittrich, produces and sells SurfEars and SwimEars, a sound transparent ear plug allowing surfers and swimmers to protect their ears without affecting hearing and balance. The protection does not affect the hearing or the balance, but prevents the water from penetrating the ear. These are now supplemented with a new product, dBud, an adjustable volume ear protector and selective sound attenuation for environments where you need to hear, but want to protect your ears from noise damage. This applies to restaurants, nightclubs, concerts, offices or industrial environments.
The company was breakeven in 2016 according to the last financial statement submitted to the Swedish authorities, at a sales figure of about SEK 5.5M ($650k).
Prior to this investment, Ear Labs added SEK 10M ($1.2M) in a capital investment round which included three Danish angel investors - Christian Stadil, Jesper Buch and Tommy Ahlers - who bought each 5% of the company via a TV show from the Danish television, Løvens Hule.